Skilled San Diego Attorneys Handling High Asset Divorces
Going through a divorce is never easy. The process can become even more complicated when issues of property division enter the equation. Part of the challenge is identifying all the income, assets, and debts that make up the marital estate. At Jenkins P.C., our experienced divorce lawyers can provide you with the capable legal representation you need when dissolving a marriage in the San Diego area. We know that property division is an inevitable consequence of divorce, especially when a couple has accumulated significant assets. We will meticulously assess the nuances of your case and inform you of all your legal rights and options.
Property Division Rules in California
Each state has its own laws when it comes to the division of property upon divorce. In California, any asset can be classified in one of three ways: community property, quasi-community property, or separate property. How it is designated will determine how it is divided at the time of a divorce. Under state law, any asset acquired during the course of the marriage is considered community property and is subject to be divided equally between the spouses. Community property often includes income, pension plans, retirement benefits, real property, businesses, investments, stocks, bonds, and personal property. Examples of personal property can include valuable art collections, cars, boats, and more.
Quasi-community property is defined as assets owned in another state or country, such as a family residence, before the divorcing spouses moved to California. The doctrine allows courts to apply community property rules to assets obtained by spouses prior to the relocation as long as they would have been considered community property if they had been purchased here. In order for a court to apply the principle of quasi-community property, two conditions must be met. Both parties must establish domicile in California, and, subsequent to the change of domicile, they must have asked a court in this state to change their marital status.
Separate property includes assets acquired before marriage, inheritances, gifts, and any rent, profit, or interest generated by part of the separate property. It is not subject to equal division at the time of divorce. The spouse to whom the asset belongs keeps it when the marriage ends.
Most property settlements are codified in a document known as a Marriage Settlement Agreement or a Legal Separation Agreement. This paperwork typically includes a number of provisions regarding the division of assets and debts. Each property has to be individually listed and valued. Failure to properly disclose each asset is not permitted and can have serious adverse consequences. This is why it is useful to work with an attorney who can help fill out your documents accurately.
Discuss Your Family Law Matter with a San Diego Lawyer
Many complications can arise when it comes to property division issues. If you are contemplating the dissolution of a marriage near San Diego or the surrounding area, you should consider seeking representation from an experienced family law attorney at Jenkins, P.C. We are committed to resolving your property division issue as quickly as possible so you can move on to the next stage of your life. Many of our clients come from Encinitas, Olivenhain, Cardiff, Carlsbad, or Solana Beach. Feel free to give us a call for an initial consultation at 858-314-2400.