What Are The Assets And Debts Which Are Divided In A Divorce Or Legal Separation In San Diego In 2014?

Assets Which Are Divided In A Legal Separation Or Divorce In San Diego Superior Court And Some Exceptions

Whether you are going through a divorce or legal separation in San Diego Superior Court, it is crucial to know what assets will be divided and which will not. Assets are separated into three categories: community assets; separate property assets and quasi community property assets. The Court in San Diego takes jurisdiction and power and authority to divide all three types of assets. This partial list of assets includes the following: real estate; jewelry; antiques; art; furniture in the household; trailers; boats; vehicles; airplanes; checking and savings accounts; tax refunds; cash value in a life insurance policy; mutual funds; bonds; stocks; pensions and retirements and business interests including business entities and partnerships. Whether the asset is divided one half each depends on the character of the asset. While all assets acquired from date of marriage to date of separation are considered community assets, this does not mean that they are all divided equally. For example, an inheritance obtained during marriage {if not commingled or transmuted} will not be divided equally. Also, such as a personal injury settlement, may not be divided equally as well.

Debts Which Are Divided In A Divorce Or Legal Separation In San Diego Superior Court And Some Exceptions

Debts are also divided equally. Debts such as credit cards, unsecured loans, support arrearage, taxes and student loans are within the power of the Court to divide. There are also exceptions to dividing equally. Credit cards and taxes owed {unless an innocent spouse determination} will normally result in a division of the debt of one half each. Student loans may or may not be divided one half each and depends on when the student loans were incurred and whether the education benefitted the community. Support arrearage may also not be divided even though accrued from date of marriage to date of separation. In fact, the community may request reimbursement for any support payments made during the marriage and ask for a 50% credit. In addition, some other circumstances can lead to a non equal division. Breach of fiduciary duty can result in an unequal division. A negative asset case may result in an unequal division. An omitted asset, if intentionally omitted, may also lead to an unequal division.

What Happens To Payments Made With Income After The Date Of Separation For Community Property Debts?

In many cases, one or both of the spouses pay on community debt after they separate in order to maintain their credit. When a spouse pays the community debt {such as a credit card bill towards the balance as of the date of separation} from their paycheck after the date of separation, a request can be made for a credit for this. This can become complicated if the parties own a house which will be sold or one party will buy out the other of the house with regards to payments for the principal, interest, taxes, insurance, repairs and other necessary expenses.

How Can A San Diego Law Firm Protect You In The Division Of Debts And Assets In Your Case?

Doppelt & Forney, a Professional Law Corporation, APC has represented many clients in division of assets and debts. As there are rules and exceptions to rules [and sometimes exceptions to exceptions], it is very important to properly analyze. Their law firm is conveniently located in San Diego and there is free parking and an elevator. They offer a complimentary thirty minute consultation which is confidential whether you hire or not. Not analyzing the division of assets and debts can be very costly.

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