You should also be aware of any "quasi-community property" that exists between you. This type of property is any real estate purchased outside of California by either spouse. If you or your spouse have quasi-community property, then it will not be included in your divorce settlement as community property. If your spouse was enrolled in a pension, retirement, or other benefit program while you were married, then any interest that was accumulated during the marriage is considered community property. However, if your spouse was enrolled in one (or more) of these programs prior to marriage, then it is not considered community property. What Is the Divorce Process? California only allows "no fault divorce. " This means that a couple or individual can file for divorce based on "irreconcilable differences" even if one party wants to stay in the relationship. This is known as a contested divorce. In order to legally dissolve your marriage, you must provide proof of residence and you must have lived in the state of California for at least six months prior to filing for divorce.
Contact us by calling 408-395-8822 today to schedule a free consultation at our conveniently located Los Gatos office to discuss your situation and goals. Handling Issues Involving All Types of Property and Hidden Assets As a Santa Clara County high-asset divorce lawyer with more than 35 years of experience, Attorney Benita Ventresca serves as an advocate and adviser for her clients. She is known for being reasonable and for finding solutions to serious problems no matter how complicated or acrimonious the situation. She will help with every issue related to your divorce, including: How to properly valuate and divide marital property, including retirement accounts, investment portfolios, stock options, real estate holdings, and expensive personal property such as jewelry, artwork, family and vacation homes, and automobiles. Uncovering hidden assets and ensuring they are included in the full inventory of assets to be divided How to allocate debt that has accumulated during marriage. The value of partnerships, business ventures, and other professional dealings that spouses entered into together or were built separately during the marriage.
What Are California's Community Property Laws? California law states that "community property" is any asset (car, house, etc) or income incurred while you were married. The only exceptions are assets you received as a gift or inheritance. Property that was acquired before marriage is considered "separate property" and cannot be included. If a prenuptial agreement was not signed prior to marriage, then the couple's community property will be determined and divided equally among them during the divorce proceedings. This is usually determined by the total net worth – or fair market value – of all combined property. For example, if the couple has no children, then the house will be sold and its value included in the final property net worth total. On the other hand, if minor children are involved, one parent may inherit the residence while the other inherits the family business or a car. Note that California state law does not enforce "in kind" division of property, where each physical item is divided – it is generally divided only by net worth.
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