Community Property
California is a state property. All property that is purchased or acquired during the marriage or transformed (converted) to community property during marriage is community property.
The man and woman in a marriage, one half undivided interest in all community property of the marriage.
Community is not divided, unless divorce proceedings are initiated, or after the death of either the man or woman.
Community property can be either real estate or personal property. Property of the community, businesses, pension funds, or any other kind of physical, which is acquired during the marriage.
Community property is usually one of the most important issues in the context of divorce actions.
Quasi-community property
Quasi-community property is property that is outside the State of California during the marriage. Although married couples have purchased property in a condition which is not a community property state like California, which is essentially treated as if they are in the community property for purposes division in a divorce in the state of California.
Company
Companies that were started during the marriage are the property of the community.
In some cases, a person is in possession of an existing company before they were married, and continued the business after marriage. In a divorce action, the courts are a percentage of the value for the company "after the wedding," to determine what proportion of the activity of the community property.
If you have an existing business before marriage, it is extremely important for you to deal with a lawyer in a divorce action as soon as possible.
Pensions
Each part of the pensions, IRA, 401 (k) s, pensions, etc., have contributed to the fact that during the marriage are the property of the community.
Normally the funds of the pension shall not be taken until the pension plan vests and matures. This can include special orders are required by the court, so that each party is able to provide its share of any retirement plan after it matures and vests. These requests are usually referred to qualified domestic relations orders or QDRO's short.
Of course, parties to a divorce have a vested interest in ensuring that their fair share of the pension or retirement after the divorce.
Community result, bank accounts, stocks, investments and
Any revenue generated during the marriage as community income. This also applies to any of the parties to a marriage earns money in a company that was sent to them before marriage. Community income is the same as the community property, in which each party owns an undivided half interest in community income.
Each party, the marriage has the right to spend and the community use, income, even if it is not one thing, the money earned. However, after separation or divorce of the initiation of proceedings, parties may only be owned by the community for the necessities of life and to pay her lawyer.
Likewise, all bank accounts, stocks and / or investments, acquired during the marriage are also owned by the community. This applies even if the account, shares and / or the investment is only in the name of one of the parties.
Some parties try to secret money into separate bank accounts in the marriage, and / or hide assets there during the marriage were acquired by the other party.
If you are a party in a divorce action, you have what is called a fiduciary duty of disclosure. This means that you have all the assets, bank accounts and other investments made during the marriage to the other party. If you are not entirely your assets and / or income to the court and the other party, the court could be severely punished.
You may have more information about the cases in which a woman won the lottery, and then initiated divorce proceedings against her husband. They failed, the court and her husband about the fact that they won the lottery. As punishment for their failure to disclose the fact that they won the lottery, the court gave her husband the entire amount of the lottery winnings.
Separate Property
Separate property is property that is acquired before the marriage, during marriage from the development, will, or inheritance, and after the separation. The proceeds from a personal injury settlement or decision are also separate property, even if they were during the marriage.
On the court finding that the property is separate property, the person who is the owner, said the Fund, the marriage with their own assets.
Separate property can be converted (conversion) of the community property by intent or by inadvertence. For example, a party may have a separate bank account before the marriage, as the Fund. If the party then was earned income, that during the marriage and deposits the money in her separate account, they may have by inadvertence converted that bank account of the community property.
Obviously, parties in a divorce proceeding will probably want to keep their own property after the divorce is. It is very important for you with a lawyer regarding the issue of separate property, to ensure that you are to divide their property after the divorce.
If you have to pay for the filing of the divorce or are currently in a divorce proceeding, you can use our office for a free consultation at 818-739-1544 ext. 10, or go to our family website at http://www.divorce-legal.net.
By Norman Gregory Fernandez, Esq., © 2006
Norman Gregory Fernandez is a California lawyer who handled many types of legal issues. You can reach him via his website at http://www.norman-law.com
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