What Does Transmutation Mean in Property Division?
When a couple divorces, they must go about dividing the assets and debts accumulated over the course of the marriage. This can be one of the most difficult, time-consuming tasks in a divorce. California is a community property state meaning all marital property is equally owned by both spouses. However, this doesn’t mean everything has to be divided down the middle. Many assets and debts, like houses and student loans,…
Read MoreHow to Handle Separate Property During a Divorce
In every California divorce, all community property must be divided equally between the two spouses. Community property is all property acquired during the course of the marriage, but prior to separation. Separate property is property not subject to California’s community property rule in divorce. Property is considered separate when it is: acquired prior to marriage, after separation, or acquired during the marriage through certain kinds of gifts or inheritances for…
Read MoreWhat Does a Forensic Accountant Do?
Dealing with the dividing of family finances is often one of the most contested areas of a divorce. Couples with significant assets, an overall high net-worth or with issues of self-employment or business ownership may face more difficulties when approaching divorce financials than others. Fortunately, there are professionals who can help you ensure the financials in play in your divorce are accurate in full. Experienced family law attorneys will frequently…
Read MoreHow 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…
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