Protecting Your Assets During Divorce
One of the most difficult aspects of a divorce proceeding is the division of property. On the one hand, the property which parties have jointly owned between them during their marriage, also called “community property” in the terms of California law, can be tricky to separate equally, especially if it is not easy to liquidate.
However, the property that is considered “separate property,” meaning property which is not divisible between two parties, causes even more conflict and debate, often because it is difficult to discern what originally belonged to one party or the other, especially after many years of marriage. This process of dividing property can be incredibly complicated without the aid of our Laguna Woods separate property protection attorney. Trust Giammichele Law, APC to give you reliable counsel when you need it most.
How California Defines Separate Property Utilizing the California Family Code
Throughout marriage, people come to accumulate a lot of property together. However, they also bring in a lot of valuable objects and income from their lives prior to the marriage as well, and it is important to distinguish what counts as this “separate property” in the chance that a divorce occurs. Under the California Family Code, § 770 gives a helpful definition which clarifies what can count as separate property.
According to the section code, the primary types of separate properties include:
- Any kind of property which either partner was the owner of prior to the marriage
- Any object or property which had been gained throughout or after the course of the marriage in the form of a “gift, a bequest, a devisement, or descent,” (meaning an inheritance)
- All income that had been acquired from gifting, devising, bequesting, or inheritance (including both profits and rents)
- The earnings of a spouse, and the earnings made by that spouse's children if applicable, so long as these have been made following the separation
Reimbursement for Separate Property
Sometimes throughout a marriage, two spouses will want to acquire a piece of community property but do not have enough funds to do so. If they are forced to draw upon their separate incomes or assets from before the marriage, this means that there could be a reimbursement later on when the time comes for the parties to separate. Whatever costs you contributed to using your own separate property contributions should be dedicated back to you.
Support in Complicated Situations
There are many components of a divorce that make it challenging, none the least the fact that it is emotionally and mentally draining. However, separating property certainly makes a divorce even more difficult and exhausting. While some debts and assets may happen to have written proof of ownership, it is often impossible to discern the real owner without the help of our Laguna Woods separate property protection lawyer. You can depend on us to safeguard your assets.