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How to be Compensated for Separate Property

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. divorce attorney in Upland CA

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. divorce attorney in Upland CA

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. divorce attorney in Upland CA

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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 in Upland CA 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

Assets Division Lawyer Upland CA

How Will Assets Be Divided in a Divorce in California?

Assets Division Lawyer Upland CA

Divorce is not usually easy, especially when the couple has been married for a long time and has accumulated significant assets. One of their main worries is how their assets will be distributed between the two parties in a divorce. Assets Division Lawyer Upland CA

According to the state’s divorce laws, California is a community property state, not an equitable distribution state. Accordingly, any assets or property acquired during a marriage belong equally to both spouses and must be distributed equally between the two spouses in case of a divorce by the court.

If you are debating whether to file for divorce, it is essential to seek legal counsel from a divorce attorney at The Law Office of Stephen Gassner. We’ll defend your rights and help you navigate the legal system.

Assets Division in a Divorce in California

Getting a divorce can be difficult, especially if there are kids involved. When a couple divorces, one partner frequently believes they are entitled to more than the other. Arguments over how much should be given to each party results from this. Below is an examination of how property is divided in a divorce.

1. Marital Assets

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California is one of the few states that closely adheres to the community property system. State law mandates that all marital assets be split equally between the divorcing spouses. As a result, many people need to know the full scope of the assets deemed marital property. While it might seem obvious, personal property can include cars, retirement accounts, stocks and bonds, bank accounts, and even family pets. Personal property can also include the family house, furniture, appliances, and personal effects. Even if only one spouse purchases the property or earns the wages, it counts as marital property. In the end, everything obtained throughout the marriage is considered marital property.

A couple can go through divorce mediation to settle their property in a way that pleases both spouses. Even though a court will ultimately decide how to divide your marital property, they frequently endorse agreements that the two of you have crafted. Assets Division Lawyer Upland CA

2. Non-Marital Property Assets

Only non-marital property in a marriage is exempt from the requirement to go through the property division process. For example, gifts and inheritances may not be marital property, and the individual spouse who owns them will retain ownership of them once the marriage has ended. However, based on its use, that item might have turned into marital property and now needs to be split between the two spouses. It might be challenging to predict how the property split will occur because there is a narrow line between marital and non-marital assets.

3. Separate Assets

Jewelry, furniture, clothing, and household goods are examples of personal property acquired during the marriage and considered separate property. In a California divorce, separate property is omitted from the division of the assets. An asset may or may not be a married person’s separate property, depending on how it was initially acquired.

4. Community Assets Versus Separate Property

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Any asset only owned by one spouse is referred to as separate property. On the other hand, any property that both couples own equally is communal property (typically acquired during the marriage).

Complications are likely to occur. If you and your spouse make changes to the property while you are married, if you have a mortgage on a separate property and pay the mortgage with community property, or if you combine separate property and community property, for instance, in a bank account or stock portfolio.

Finding an Assets Division Lawyer

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It can be emotionally demanding even if you have determined that divorce is the right course of action for you. In addition, feeling overwhelmed with emotion can make you more likely to make mistakes that could lead to a significant disparity between the marital assets you are entitled to and the assets you obtain. 

A lawyer from the Law Office of Stephen Gassner can help ensure that your assets are fairly distributed after being accurately valued and categorized. Feeling overwhelmed and bewildered when going through a divorce is completely normal, but a skilled lawyer can make you feel more at ease and ensure the best outcome for you. Contact us today to schedule a consultation with marital property division. Assets Division Lawyer Upland CA

Thinking of Getting a Divorce?
The Law Office of Stephen Gassner Can Help You!
Call Us at  (909) 937-7000 Now!

Law Office of Stephen Gassner

324 N Mountain Ave, Upland, CA 91786, United States

(909) 937-7000