Debt 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…
Read MoreHow 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…
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