Marital Assets
In distributing the marital assets or property, it is crucial to do a proper tracing. California has many exceptions to the community property presumption. For example: gifts, inheritance, jewelry given by one spouse to another, or assets acquired before marriage or after the physical separation are all separate property and belong solely to the person who acquired them. Such assets should not be considered in the division of the marital assets.
Similarly, California Law allows for reimbursement of contributions made from one party's separate property to the community. If one spouse uses money from his or her inheritance to buy a home or to make a down payment on a home for the couple, that person is entitled to a dollar for dollar reimbursement of his or her contribution at the time of the divorce. Tracing is the most complicated area of asset division and there are numerous complex formulas that are used to calculate the true value of the marital assets. Divorcing couples should seek legal advice regarding their rights to reimbursements of separate property contributions and to exempt property all together from California's community property scheme.
Property division and spousal support (alimony) are often hotly contested and failure to seek legal advice can result in one spouse having to pay an unfair share of child support or spousal support or receiving less than their fair share of the community assets. As such, getting early advice by one of our experienced family law attorneys can greatly impact the ultimate result.
During the divorce proceedings and/or subsequent to entry of a judgment of dissolution, upon request of either or both parties the court may also grant domestic violence restraining orders (DV Restraining Orders). Domestic violence restraining orders may include but are not necessarily limited to personal restraints, property restraints, stay-away orders, no-contact orders, orders that one or both parties pay specific bills, and/or orders to award exclusive possession and/or control of certain items of real and/or personal property to one or both parties. |