If the partners in a California Divorce have acquired property during the marriage and before their separation date, then the property is usually subject to the community property laws in the state.
The term ‘property‘ means:
- physical property such as a house or condominium
- retirement plans such as a pension, 401K or IRA etc.
- other investments
- cars
- collections of art or other items of value
There may be other property issues. There may be questions regarding inheritance or property purchased before the marriage but contributed to by both partners during the marriage. These questions can be answered in consultation with the Divorce Attorney.
It should be noted that when one partner or both sign a loan for property such as a house, condo or car, ownership can be transferred to whomever wishes to own the property. The transfer of ownership can be determined by the court or by the agreement of the parties. However, the name on the loan will not change unless the loan is paid off or there is an ability to refinance. This can cause problems for the person whose name is on the loan if the other party, that has ownership, fails to pay the loan. A consultation with the Divorce Lawyer will alert you to the repercussions of this type of scenario.
Property issues can be agreed upon by a Marital Settlement Agreement or a Stipulation in which all the details are addressed. If the parties do not agree then a trial will be needed and the judge will decide based on the facts of the specific case.
For more information on a Divorce with property contact Legal Action Workshop @ 800-HELP-444 (800-435-7444) or visit www.LegalActionWorkshopLAW.com .
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