Division of assets and debts acquired during the marriage is a part of any dissolution action. Community property is property, or assets, acquired during the marriage. The court is required to divide all community property and debts equally. This includes bank accounts, pensions, vehicles, furniture, real estate, and the like. All community debts, if there are any, such as credit card debts, loans, promissory notes are subject to equal division as well. The court may divide the property “in kind” or split each asset where it is possible to do so. Sometimes an asset may be sold and the proceeds divided equally.
However, the parties may agree to an unequal, or equitable, division of their community property and debts. If the parties agree to a division of their community property, then their attorneys will assist them in drawing up a written stipulated judgment or marital settlement agreement which sets forth their agreed-upon property division. Ms. Noeske has years of experience in drafting marital settlement agreements and can assist her clients to achieve the results they seek.
Separate property is property that a party acquired before the marriage, or by gift or inheritance during the marriage. Separate property is treated differently than community property. Separate property is confirmed to its owner and is not subject to equal division. Separate income, however, can be considered a source of funds for payment of child or spousal support.