Divorces may rank among some of the most horrifying moments married partners have to deal with and it gets even more complicated and stressful when properties are involved.
For instance, one partner contributes a larger sum of finances into an investment owned by the two parties like a residence or even in cases where there are pension and retirement benefits to divide. Chances are that tempers will rise and words will be thrown and finally a lawsuit will be filed. Here is where the stakes get higher.
Family law litigation will definitely ensure that the whole divorce process takes longer than anticipated and more legal expenses will also be incurred in the long run. At the end of the day, you will realize that the emotional and financial aspects of it all may cost so much that you even start thinking whether it was a wise choice to go to court.
But if you believe that the court can rule in your favor, then this is the time you need to look for a good and experienced attorney in the field who will advise you on how you should proceed with the case.
Marital property can be classified into many different classifications, namely the quasi-community property and the quasi-marital property. At this stage, the judges and attorneys attempt to figure out the total assets and debts of the two partners and their attributes towards these debts as both community and separate properties.
This is a fancy name of calling the property that is obtained during a marriage and is still owned until the date of the separation, and which may also be subjected to be community property as per the laws of California. In such cases, each of the separated parties has 50% ownership interest in all of the community properties as well as the equal rights of the control and management of the properties.
Community property usually includes all the assets and debts of the separated couple in a marriage as well. This is usually a vital step in trying to determine who will be responsible for paying off the debts during the legal separation or marriage dissolution.
This is also another very important consideration you need to have in mind when filing for a divorce if the property involved was acquired by both partners outside of California during the marriage. It’s no big news to find married couples that own houses in other states or countries together these days as people tend to move around a lot. And in the process, you and your spouse may decide to buy new residences in other states which can be a real headache, especially when the couple now wants a divorce and both are laying claim to these properties.
These types of assets are usually referred to as the “quasi-community properties” which is another way of saying that this is a case of legal separation between two parties who acquired property from another state while they were still married.
In such cases, the quasi-community properties are usually treated as part of the “community estate” and are always divided as with the community property. Equal treatment is given to both sets of property by the law of California.
Do you have a question about division of property during a divorce? Click here to contact Von Esch Law today!