Complex and simple asset division

For a simple asset division, for the purpose of determining marital estate debt liability and in a California proceeding to divide a marital estate upon marriage termination, all property that would have been community property had it been acquired while the parties were domiciled in California is deemed quasi-community property treated exactly as if it were community property. Thus, regardless of which spouse is working all money earned while married both spouse have equal right. Law can be this simple.

Complex Asset Division

Marital property rights and obligation, both during and upon termination of marriage or a domestic partnership is very complex body of law. The bundle of rights and obligation turn on community vs. separate property characterization, fiduciary duties of management and control and disclosure, debt liability and reimbursement rules, and ultimately, in a dissolution, legal separation or nullity action, the task of valuing and effecting an equal division of community Estate.

Just to give a taste of how complex the area is, here are some factors to consider upon Asset Division. 1) Source of Marital property rights. 2) Multistate contacts-choice of law rules. 2) Recognized Ownership interests between Spouses/Domestic Partners. 3) Quasi-community property. 4) Quasi-marital property. 5) Community property with right of survivorship. 6) Property Characterization. 7) Transmutation. 8) Common law vs. Superseding statutory title presumptions. 9) Joint title and Joint tenancy presumption. 10) Impact of preemptive federal law. 11) Characterization by Time of Acquisition. 12) Term life insurance. 13) Employer subsidized health insurance. 14) Postseparation acquisitions. 15) Characterization by Method/Source of Acquisition. 16) Disability pay. 17) Employment termination benefit. 18) Former spouse’s right to “survivorship”. 19) Federal employment benefits. 20) Gifts and inheritance. 21) Personal injury damages. 22) Credit and loans obtained during and after separation. 23) Date of separation law and presumption. 24) Home acquired before marriage- separate property title, mortgage paid down with community funds. 24) Home acquired before marriage- converted into joint title. 25) Apportion of rents issues and profits. 25) Fiduciary Duties and Management and Control. 26) Marital Property Debt Liability and Reimbursement Claims. 27) ERISA preemption, QDRO requirement. 28) Stock option. 29) Tax rights and liabilities. 30) Void or voidable marriage rights.

What you read above is a small taste of how complex the law is, in this area. If you are looking for a competent attorney who will protect your rights and assets please contact Jos Family Law at josfamilylaw@gmail.com or call us at (310) 292-7913

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