How to Keep Separate Property Separate
Under California’s community property law, all property that belongs to the marital community must be divided equally upon separation or divorce. Community property is considered property acquired by either spouse during the marriage, but prior to separation, and with community resources. Property acquired prior to marriage is considered separate property. Property acquired during the course of the marriage can still be separate property if it is acquired through a gift…
Read MoreKnowing Your Worth: What is Considered an Asset?
One of the most complicated parts of a divorce is dividing the net worth of the marital party, which requires taking stock of all assets and all debts. Debts are clearly defined; money or other consideration owed to another party. Debts can be loans, lines of credit, credit cards, personal debts, mortgages, taxes or support owed. Assets, on the other hand, can take many forms. An asset can be something…
Read MoreSelf-Employment and Divorce: What You Need to Know
Dealing with finances in a divorce can be a headache. Property division in California follows the community property rule; all marital assets are to be equally divided between the two spouses. While this sounds simple, many things can quickly complicate this part of the divorce. One such complicating factor is self-employment income, which may not be as easily verifiable or predictable like a salary. Today, many successful Californians are self-employed….
Read MoreWhere Does all the Money Go?: Uncovering Hidden Assets
As part of any divorce, both parties have to disclose their financial information to include income and expenses, assets and liabilities. It is with this important information that the court will determine child support, spousal support and any property division. Every disclosure filed with the court must be done in good faith and truthfully, however sometimes getting to that point is a struggle. Today, many successful people do not earn…
Read MoreIntangible Assets: Intellectual Property and Divorce
In community property states, like California, all assets common to the marital community must be divided equally upon divorce. Marital property is anything acquired during the course of the marriage, yet prior to separation. It can also include the appreciation or growth of certain property acquired prior to the marriage but contributed to by the marital community during the marriage. Intangible assets, like patents, copyrights, and royalties, may not produce…
Read MoreInheritance and Divorce: What Happens to My Inheritance in a Divorce?
Your family has your best interests in mind when they leave you an inheritance. Inheritances are meant to distribute and maintain wealth in the family and so when a couple divorces, it can be difficult to know who has a right to what when it comes to inheritances. It also can be worrisome to think about losing what your family sought to provide you. What happens to an inheritance in…
Read MoreDebt Division During Divorce
Property division in a divorce is almost always paired with the division of community debt. Since California is a community property state, upon divorce, it is the net value of the marital community that is being divided, not just the assets. The net value of your marital community would be the total sum of community assets minus the to sum of community debts. This can be determined by both spouses…
Read MoreWhat is a Schedule of Assets and Debts?
As part of a divorce, both parties will be required to fill out and file a Schedule of Assets and Debts. Dividing the assets and debts in a marriage can be fairly complicated. One of the best organizing measures you can take to make it easier is to properly fill out your Schedule of Assets and Debts and then, on paper and in court, it will be clear where the…
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