It is essential to understand the categories of property that can be split up after the conclusion of a marriage in the state of California, particularly if you and your partner are going through a divorce or a legal separation, but it can also apply to a probate case. This is because many different types of property can be divided. These property assets include a wide range of things, including real estate, automobiles, personal belongings, business interests, and obligations like credit cards, mortgages, auto loans, school loans, and business loans.
Seeking the counsel of a Divorce and Assets Attorney will be a wise move so you will not be too stressed and overwhelmed with the legal process. The Law Office of Stephen Gassner will accommodate your inquiries, explain the technicalities of the law, and prepare you for trial.
What You Need To Know About Separate Property
The process of dividing the community property is like adding four new columns to a spreadsheet that lists all of the assets and debts that were owned by the spouses on the date of separation. Each spouse will have two columns to write down the separate property that has been determined to be theirs and another two columns to write down how much of the community property each wants to be awarded. The parties (or the court) will determine the value of the separate property claims and the total of the community property assets and debts. Separate property adjustments are applied first, before the remaining community property is divided equally.
Such adjustments are known as reimbursements. If it is proven that separate property was used to pay for a community property asset, an adjustment will be made from the community property asset to the payor spouse in an amount equal to the separate property contribution but no more than the net equity in the property. This adjustment will be made from the community property asset to the payor spouse.
If one of the spouses continues to make payments toward community property obligations after the date of separation, that spouse may be granted the right to be reimbursed by the community estate for the entirety of those payments.
In the event that one spouse only possesses property after the date of separation, the court is required to order the spouse who solely possesses the property to pay back to the community estate an amount equal to the asset’s fair rental value. This is true for all kinds of assets, such as a home for a family to live in, a car, or anything else of substantial worth, but not if the spouse in possession also paid the debt secured by the property.
If one spouse got a valuable education during the marriage, the spouse who got the education might have to pay back the cost of tuition to the community estate. However, this occurs only if the education significantly increased the educated spouse’s earning capacity and the marriage has not already recovered the cost of the education through the educated spouse’s increased earnings. Too many “ifs” or “but ifs”? Contact a competent family law attorney to address your particular situation.
There is a chance of getting paid back for child support, spousal support, or other debts that were incurred before the marriage but were paid off during it.
Breach of Fiduciary Duty
Breach of fiduciary duty can happen when one party takes property that belongs to the community estate (or to the other party) without permission and uses it for their own benefit. When a breach of fiduciary duty is proven to have happened, the person who broke the trust is usually required to pay for the spouse who was wronged to hire an attorney. The court has the authority to order that party to compensate the other for either half or the full amount wrongfully taken. When a breach of fiduciary duty is proven to have occurred, the person who committed the breach is often obligated to reimburse the attorney’s fees incurred by the victimized spouse.
Frequently Asked Questions
What Is California Separate Property Statute?
Separate property would be any asset owned completely by one spouse. All assets owned equally by both spouses, which were typically acquired during the marriage, are considered community property. In many circumstances, the analysis becomes more advanced (and confusing).
How To Convert Separate Property To Community Property In California?
Typically, converting separate property to community property includes adding your spouse to the deed of your legitimate separately owned property or engaging in the aforementioned activities that allow your spouse to acquire a meaningful interest in such property (quasi-community property).
How Do You Keep Assets Separate In A Marriage In California?
A prenuptial or postnuptial agreement is the best approach to protecting assets. If you have something valuable to you, it is just right for you to want to protect it with a written contract. A prenuptial agreement is a written contract that is drafted before and in contemplation of marriage.
Hire a Knowledgeable and Competent Divorce Attorney
It is vital that you and your attorney identify and document possible reimbursements early in your case and that you make use of this information throughout the process of either settling the divorce or going to court to fight for it. Usually, the best way to settle a case is to prepare for trial promptly.
You need not look any further for a knowledgeable and competent divorce attorney to help you get compensation for separate property. The Law Office of Stephen Gassner is more than capable of addressing any of your questions and guiding you through the legal process.
Law Office of Stephen Gassner
324 N Mountain Ave, Upland, CA 91786, United States
(909) 937-7000
Learn More About: Legal Separation by Law Office of Stephen Gassner
Legal Separation
The post How to be Compensated for Separate Property appeared first on The Law Office of Stephen Gassner.
Original post here: How to be Compensated for Separate Property
