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Marital Assets Attorneys in
Riverside, San Bernardino and Orange County
Each state has different laws regarding division of marital property. Thirteen states
follow the community property system, where marital assets are split equally (California
is a community property state). Any award of spousal support (alimony), or ongoing
financial support from one spouse to the other, is made in conjunction with the
distribution of property.
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.
For more information and a free consultation with one of our experienced attorneys
call us at 1-800-589-9901.
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