How to Divide Property During a Divorce
According to John Monkman, a real estate attorney in Palm Springs and the owner of Monkman Law, the first step in dividing physical property during a divorce is determining what separate property each spouse owns. Monkman’s job is to analyze this, and to determine with certainty which party should be allowed to keep which properties in a divorce.
Individuals going through divorce are typically not in the friendliest of moods, which is why it’s so important to have a levelheaded attorney who can take over the negotiations concerning real estate properties.
Community Property
Any property that a person owns separately-such as property that was owned prior to entering into a marriage or property that one spouse inherited or received as a gift-is not considered community property, and therefore does not have to be split between the two parties during a divorce. While the laws regarding community property vary from state to state, as a real estate attorney in Palm Springs, I am required to abide by the California regulations regarding what is and is not considered community property. Community property in California is supposedly split right down the middle in a divorce.
There …