California is a “no-fault” divorce state that mandates an equal division of community property. The attorneys at Adiuvo Law Group, PC work tirelessly on behalf of our clients to ensure that they are treated fairly in any property division matter. What is equal or what constitutes a marital asset and its value can have a dramatic impact on the outcome of a divorce agreement.
Each party is required to provide a declaration of assets and liabilities. If the spouses cannot agree on the value of assets and the best way to divide assets and liabilities, then the decision will be left in the hands of a judge. Before property can be valued and divided in a divorce proceeding there needs to be an analysis of it characterization as community, separate or quasi-community property.
California is referred to as a “community property” state. In a community property state, both spouses are typically considered equal owners of all Marital Property. In other words, if you live in a community property state, whatever you earn or acquire during the marriage is equally owned by both parties, regardless of who earned it or whose name is on the title or other documents. Although there are some exceptions to this presumption, such as property acquired through gift or inheritance, as a general rule, community assets are to be divided equally when the community estate is dissolved through a dissolution or legal separation.
It is important to note that, community debt is treated the same as community assets. Debt incurred during the marriage, is the responsibility of both parties, regardless of who incurred the debt. Although some exceptions also apply to the general rule of community debt, it is uncommon that a debt incurred during marriage will not be deemed community debt instead of one spouse’s separate debt.
Finding Hidden Assets During a Divorce
When facing the demise of a marriage, it is not uncommon for spouses to suspect that marital assets may be hidden. Often times they are. Assets may be hidden by transfer to a third party, outright denial of the existence of the asset(s), creation of false debt, or other fraudulent schemes. The team at the Adiuvo Law Group, PC will work with reputable forensic accountants that assist in tracing and locating hidden assets, as well as with private investigators in order to locate such assets and gather the evidence needed to obtain what is rightfully owed to the rightful party.
California Family Code imposes fiduciary disclosure duties on spouses. This is the duty of the highest good faith and fair dealing with each spouse, where neither party shall take any unfair advantage of the other. These duties continue even after the end of the marriage; they extend to full financial disclosure. Through the discovery process, and the powers of the court, marital assets can be traced, located and equitably divided.
California is a "no-fault" divorce state that mandates an equal division of community property. The attorneys at Adiuvo Law Group, PC work tirelessly on behalf of our clients to ensure that they are treated fairly in any property division matter. What is equal or what constitutes a marital asset and its value can have a dramatic impact on the outcome of a divorce agreement.
Each party is required to provide a declaration of assets and liabilities. If the spouses cannot agree on the value of assets and the best way to divide assets and liabilities, then the decision will be left in the hands of a judge. Before property can be valued and divided in a divorce proceeding there needs to be an analysis of it characterization as community, separate or quasi-community property.
California is referred to as a “community property” state. In a community property state, both spouses are typically considered equal owners of all Marital Property. In other words, if you live in a community property state, whatever you earn or acquire during the marriage is equally owned by both parties, regardless of who earned it or whose name is on the title or other documents. Although there are some exceptions to this presumption, such as property acquired through gift or inheritance, as a general rule, community assets are to be divided equally when the community estate is dissolved through a dissolution or legal separation.
It is important to note that, community debt is treated the same as community assets. Debt incurred during the marriage, is the responsibility of both parties, regardless of who incurred the debt. Although some exceptions also apply to the general rule of community debt, it is uncommon that a debt incurred during marriage will not be deemed community debt instead of one spouse’s separate debt.
Finding Hidden Assets During a Divorce
When facing the demise of a marriage, it is not uncommon for spouses to suspect that marital assets may be hidden. Often times they are. Assets may be hidden by transfer to a third party, outright denial of the existence of the asset(s), creation of false debt, or other fraudulent schemes. The team at the Adiuvo Law Group, PC will work with reputable forensic accountants that assist in tracing and locating hidden assets, as well as with private investigators in order to locate such assets and gather the evidence needed to obtain what is rightfully owed to the rightful party.
California Family Code imposes fiduciary disclosure duties on spouses. This is the duty of the highest good faith and fair dealing with each spouse, where neither party shall take any unfair advantage of the other. These duties continue even after the end of the marriage; they extend to full financial disclosure. Through the discovery process, and the powers of the court, marital assets can be traced, located and equitably divided.
