To determine the assets and liabilities of the marital estate for purposes of dividing the same upon dissolution of marriage, all property acquired during the marriage is community property, whether or not it was acquired while domiiciled in California.
Marital property rights and obligations, both during and upon termination of marriage or a domestic partnership, is a very complex body of law. The bundle of rights and obligations turn on community vs. separate property, fiduciary duties of management, control, and disclosure, and debt liability and reimbursement rules. In a dissolution, legal separation, or nullity action, the task is evaluating an equal division of the community estate.
Just to give a taste of how complex this area of the law can be, here are some factors to consider: (1) marital property rights; (2) multistate contacts/choice of law rules; (3) recognized ownership interests of spouses/domestic partners; (4) quasi-community property; (5) quasi-marital property; (6) community property with right of survivorship; (7) characterization of property/properties; (8) transmutation; (9) common law vs. superseding statutory title presumptions; (10) joint title and joint tenancy presumptions; (11) impact of preemptive federal laws; (12) characterization re time of acquisition; (13) term life insurance policies; (14) employer-subsidized health insurance policies; (15) post-separation acquisitions; (16) disability payments; (17) characterization by method/source of acquisition; (18) employment termination benefits; (19) former spouses' rights of survivorship; (20) federal employee benefits; (21) gifts and inheritance; (22) personal injury damages; (23) credit and loans obtained during the marriage and after separation; (24) date of separation laws and presumptions; (25) homes acquired before marriage, with mortgage paid down with community funds; (26) homes acquired before marriage, and converted into joint title; (27) apportionment of rents and profits; (28) fiduciary duties of management and control; (29) marital property debt liability and reimbursement claims; (30) ERISA preemptions; (31) QDRO requirements; (32) stock options; (33) tax rights and liabilities; and (34) void or voidable marriage rights.
This gives you an example of how complex the law can be in these matters. If you are looking for a competent attorney who will protect your rights and assets, please contact Jos Family Law at (714) 733-7066 or jos@josfamilylaw.com.
Simple asset division refers to cases where there are limited assets involved & the division process is relatively straightforward. This could include items such as bank accounts, vehicles, or furniture. On the other hand, complex asset division involves high-value assets, investments, business interests, real estate, & other more intricate financial arrangements.
In complex asset division cases, the court takes into account various factors to ensure a fair & equitable division. These factors may include the length of the O.C. marriage, the contribution of each spouse to the acquisition of assets, the future financial needs of each party, & the potential tax consequences. The court may also consider the advice of financial experts or appraisers to accurately evaluate the value of complex assets.
While every divorce is different, there are ways to safeguard your assets. Consult a seasoned family law attorney for advice on prenuptial or postnuptial agreements, trust creation, & company restructuring. However, concealing assets or committing fraud is unlawful & may have serious repercussions.
If you & your spouse cannot reach an agreement on the division of assets, the court will step in & make a determination based on applicable laws & the facts of your case. It is strongly advisable to seek legal representation to ensure your interests are protected & that you have the finest chance of achieving a favorable outcome.
The timeline for asset division in family law cases can vary widely depending on the complexity of the assets involved & the level of agreement between the parties. While some O.C. cases can be resolved through negotiation or mediation within a few months, complex asset division cases may take significantly longer, often spanning over a year or more.
In some cases, asset division decisions can be modified if there has been a substantial change in circumstances. For example, if one party concealed assets or if the value of an asset significantly changed, it may be possible to seek a modification of the original division order.