Divorce in it of itself is challenging. One difficult part of divorce includes division of property. For this reason, it is important to have strong experienced help at your side. Patrick Baghdaserians is a Pasadena property divison Lawyer and Family Law Specialist who also works in the Los Angeles area. Patrick Baghdaserians has over a decade of experience and is someone you want on your side when dealing with the division of property to ensure the process is fair and your rights are protected.
The term “property” in the Family Code includes real and personal property and any interest therein. There are several types of property including: (1) Community property, (2) Separate property, (3) Quasi-Community property, (4) Quasi-Marital property, and more.
In California, all property that was acquired during the marriage by a married person is either community property or separate property. Community property is all property acquired by a California domiciliary during marriage that is not specified to be separate property. Separate property is all property acquired before the marriage as well as: (1) property acquired by gift or inheritance, (2) produced by separate property such as rents, issues, and profits and (3) acquired after the date of separation. In some cases, property acquired during marriage can still be separate property. Usually this occurs when property is acquired by one spouse by that spouse’s separate funds. Generally, property is deemed either community or separate based on time of acquisition. The term “acquired” can mean different things. It can either be when the property was actually purchased, for example, the actual time an automobile was purchased. In addition, “acquired” can also mean over a period of time. For example, over a period of the time worked to earn retirement benefits.
Quasi-community property can be either real or personal property. This is property that either spouse acquired while domiciled outside of California that would have been community property if it was acquired while domiciled in California. Quasi-marital property is property acquired by parties who have an invalid marriage. If not for this invalid marriage, the property would have been community or quasi-community property. However, property is considered quasi-marital if either party can be considered a putative spouse. A putative spouse is one who had good-faith belief that the marriage was actually valid.
When settling property division during divorce, there are many financial factors that are considered. Some of these factors include: (1) 401(k)/pensions, (2) stocks and bonds, (3) bankruptcy, and more.
Overall, the process of marriage dissolution can be very overwhelming and stressful, and issues regarding the division of property can make the process much more complicated. Therefore, when deciding who to turn to it is important to have someone with experience on your side when dealing with property division. Patrick Baghdaserians is an experienced Pasadena property division Lawyer and Family Law Specialist who has dealt with an enormity of property division cases in his over a decade of experience. Regardless of the reason, divorce is challenging, do not make the process even more difficult on yourself and schedule a free in person consultation with Patrick Baghdaserians.