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California Divorce: Community Property Tracing Issues

Tracings are used to clarify what each spouse’s share of a marriage’s community property. In some cases, California law may require tracings. One scenario that commonly requires tracing is when commingled cash or assets were used to purchase property during the marriage. A commingled purchase is a transaction that was made using some separate property funds or assets and some community property funds or assets.  Tracing Issues in Orange County, California Divorce:  Tracing may be used to characterize a marital asset as either community or separate property for the division of assets. Tracing determines community or separate property attributes of…

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Property Is Not Always Split 50/50 in a California Divorce

Many married couples approach life as partners. They work hard through years of married partnership, reaching for financial goals together. Some buy their dream house, build a substantial nest-egg for their retirement, and maybe even save up and indulge in other valuable items. When these couples find themselves facing a divorce, they usually have a lot of questions about California community property law and how California divides assets and liabilities during a divorce. Most importantly, they wonder if the property is always split 50/50 during an Orange County, California divorce. Before discussing a definitive answer to the question, it’s important…

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Typical California Divorce Settlements about the Family Home

Your home is your castle, and this mindset is never more evident than when a divorce leaves a couple arguing about who gets the family home. In many cases, it’s where a couple raised their family. During happier times, it was probably a sanctuary of peace and security. The high emotional value can cause all parties involved to respond more dramatically when it’s time to divide the marital assets. Typical Divorce Settlements About the Family Home: Most divorced couples do not wish to continue to own a home together. (This does happen in some cases. It is called a deferred…

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Financial Fraud in California Divorce: Dividing the Assets

One of the most common disputes during California divorce is the division of assets. Some cases involve significant assets. Other cases involve substantial debt. Other cases may involve a shared business that both parties feel they have earned the right to retain. Regardless of what assets/liabilities a couple has built during their marriage, they are expected to offer full disclosure of assets and liabilities during the preliminary hearings. Once the divorce is finalized, the information provided during the preliminary hearings is used to divide marital assets, so each party receives their fair share in the divorce settlement. In most cases,…

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Can One Spouse Sell Community Property Before the Divorce is Final?

The division of property is one of the essential elements of the divorce process. The first step is classifying the property by type, which defines how it is handled during the division of property. Properties are typically considered either separate property or marital property. (In some cases, there may also be what is called divisible property which is a category used for income-producing properties or properties that change in value after the divorcing couple separates). Division of Assets: Separate Property Separate property refers to property that is owned by one of the spouses before their marriage. This category can also…

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What Happens to an Injury Settlement When a Couple Gets Divorced?

Have you recently been involved in extensive litigation? Are you now worried that you are facing a divorce? Has your spouse already filed? Are you planning to file for a California divorce? What happens to an injury settlement in a divorce? Is the injury settlement considered a marital asset? Will your injury settlement be included in the division of assets? It happens all too often – as soon as an individual makes it through litigation for a personal injury case, and the settlement is on the horizon, they discover their spouse is filing for divorce. A personal injury can put…

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How to Sell Your Home During Divorce

Selling a home is always a significant undertaking. When you need to sell your home during a divorce, it’s easy to be overwhelmed by the potentially severe financial consequences. It is a daunting task. Before you sell your home during a divorce, know the basic concepts of ownership, tax liability, division of assets during California divorce, and how to decide when it’s time to sell. Defining and Establishing Ownership: California follows property law standards, so each party equally owns all property obtained during a marriage, regardless of what name is on the deed. A property purchased by one party, but…

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Tips on Protecting Your Home and Assets During Divorce

There are very few people who plan to get divorced, but many find themselves looking at a divorce regardless of all their other plans for their life, their marriage, and their relationship. If divorce is on your horizon, a few simple steps can help you prepare for a smooth financial separation while protecting your home and your assets. 1.    Examine Assets that May be Affected by Divorce 2.    Evaluate Separate Property 3.    Evaluate Marital Property 4.    Be Cautious of Financial Fraud 5.    Consider the Need for a Certified Divorce Analyst 6.    Don’t Damage Your Retirement Accounts 7.    Gather Records &…

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California Divorce: Is Property & Debt Always Divided 50/50?

California is what is known as a community property state, a state in which everything you and your spouse earned or bought during your marriage belongs to both of you in equal measure. But that does not mean that you have to divide everything 50/50. Are Assets in Divorce Always Split 50/50 in the Community Property States? Everything that you and your spouse contributed to the marriage during the time you were married (with only a few exceptions) must be divided equitably during your divorce. According to California state law, the way you divide assets and debts must be fair…

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Could You Receive Social Security Benefits Based On Your Ex’s Work History?

If you are divorced, it’s possible that your ex may receive benefits based on your work history. This can even be the case if you are remarried. If you aren’t sure how this is possible or if you have never considered the situation a possibility, you definitely need to learn more about it.   An Ex Can Receive Social Security Benefits Based On Your Work Record If: Your marriage was 10+ years, Your ex is ummarried, Your ex is 62 or older, The benefit your ex is entitled to receive based on their own work history is less than the…

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