How Can a Premarital Agreement Help Me?
Marriage is not just a piece of paper, despite what current debates over same-sex marriage says; it is a joining of two lives into one. You may not envision yourself ever needing the protection of a premarital agreement, also sometimes called a prenuptial agreement or “prenup”, at the time of your marriage. Many people won’t need that extra protection but a growing percentage of marriages will. If you have significant…
Read MoreIs Gifted Jewelry Considered Community Property?
Husbands often give gifts to their wives before and during the marriage. One of the most valuable, and perhaps most sentimental of gifts, will be jewelry. When couples divorce, personal belongings, property and other assets and debts all have to be divided. Any asset, like a diamond necklace, given to a wife by a husband is subject to California’s community property rule. This rule, in theory, mandates that asset be…
Read MoreBusiness Ownership and Divorce
Owning a business can bring you financial security and sustainability. When you divorce, that security and stability is put at risk. As a community property state, California requires all assets or property acquired during the marriage with funds and efforts from the marital community be divided equally in divorce. A business you own during a marriage doesn’t have to be community property. If it was purchased prior to marriage with…
Read MoreWhen is a Business Separate Property?
Business ownership is a thing of accomplishment. If you own a business, you may have spent years of hard work and sacrifice to be able to either build it from the ground up or purchase it. Determining whether it is property of the community or not will depend on when you acquired your current interest in it, with what funds and through which efforts. The basic principle is that whatever…
Read MoreHow to Value Your Personal Property
In a divorce, all community property needs to be equitably divided between the two marital parties. This includes personal property or the items and belongings you have in your home or stored somewhere. Personal property, as opposed to real property, can be more easily divided than something like a house. Personal property may be termed ‘yours’ or ‘mine’ during a marriage but upon divorce or separation, they have to be…
Read MoreDividing Retirement Plans in a Divorce
Dividing property in a divorce can be tedious. Everything you acquired during the marriage is now subject to the community property rule and will need to be equally divided under California family code section 760. Depending on how long your marriage has lasted; you may have made significant contributions to a retirement plan while married to your spouse. Dividing a retirement plan isn’t entirely different from dividing any other community…
Read MoreWhen is a Business Community Property?
When starting the divorce process, you may be concerned about protecting the assets you’ve worked hard to acquire. In California, property acquired during the course of a marriage is considered community property. Property acquired prior to the marriage is considered separate property. Closely held businesses are considered a divisible property during a divorce. While some assets may be clearly defined as either community or separate property, often business ownership comes…
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