Property division and how property is divided is a primary concern in many divorces. This blog has discussed what is considered separate property during the property division process. It is also helpful to take a look at what is generally considered property that may be subject to the property division process.
Property for property division purposes
Certain property is subject to the community property division process followed in California during divorce. Based on the category property falls into, it may be divided in half between the couple when they divorce. Examples of property include:homes: homes; cars; household furniture; clothing; bank and cash accounts; security deposits on apartments; pension plans; 401(k) plans; stocks; life insurance policies that have a cash value; a business; or patents.
The definition of property for property division purposes is generally described as anything that can be bought or sold or items of value. Marital property, or property that the couple acquired while married, is typically divided, while separate property is not. A third category, commingled property, may also be considered during the property division process. Familiarity with the definitions is helpful.
Dealing with complex property division
Property division can be high stakes for many couples and can also be complex. The definition of property and how property is classified is an important part of the property division process. For that reason, it is helpful for divorcing spouses to be familiar with what is considered property, how that property is classified and how it will be divided between them during their divorce.