
Posts Tagged ‘community property’
Saturday, September 20th, 2008
Couples may change the nature and character of property after they marry. This is known as a transmutation. Usually, this comes up when a person transfers his or her separate property post marriage into community property. However, there are strict requirements in order to have a valid transmutation. Some of the questions that individuals might have are 1) Is a quitclaim sufficient for a transmutation?; 2) Is a Grant Deed needed to have a valid transmutation?; 3) Is any writing evidencing an interspousal transfer enough to show a transmutation?
California Family Code sets out the requirements to have a valid transmutation. This area of law is very complex and highly litigated since usually it involves a lot of money. At the time of the divorce, each side will argue his or her position (that there is or there is not a valid transmutation).
If you live in Orange County, Riverside County, or San Bernardino County and if you have a transmutation issue in your divorce, contact one of our knowledgeable and aggressive attorneys.
For more information call 800-589-9901 or email us at info@dieferlaw.com.
Tags: change in nature, character of property, community property, Grant Deed., interspousal transfer, quitclaim deed, separate property, transfer to spouse, transmutation Posted in Family Law | Comments Off
Thursday, August 7th, 2008
Depending on the circumstances, parties can seek an annulment instead of a divorce. An annulment in certain circumstances can be more favorable to a party over a divorce. If a marriage is annulled, it is possible that there will not be any issues of community property or spousal support.
However, there are very specific reasons and rules that dictate whether an annulment is possible in a case or not. In my experience many people seek an annulment solely on the grounds that they have been married for less than a year. These individuals believe that a short marriage allows them to obtain a divorce.
Such is not the case. But there are other reasons why a marriage will be annulled such as duress, fraud in inducing the marriage, or bigamy. Under these reasons, an annulment can be obtained.
Just because a marriage is annulled does not mean that a court has to disregard community property principles. Especial rules have been created to protect innocent spouses.
For more information on annulments, contact one of our attorneys at 800-589-9901 or info@dieferlaw.com.
Tags: and unfaithfulness., Annulments, bigamy, community property, deceived, divorce, duress, fraud, innocent spouse, putative spouse, short marriage, Spousal Support Posted in Family Law | Comments Off
Friday, June 27th, 2008
Many individuals are looking at premarital agreements to preserve and protect asset they have acquired before the marriage. Even though California Law states that assets acquired before marriage are separate property, if a person wants to protect such assets, its a good idea to consider a premarital agreement.
In California, once parties are married one spouse can begin to acquire an interest in the property of the other spouse. Hence, with time a spouse can acquire an interest in the separate property asset of the other spouse. The general rule is that all income earned during the marriage is community property. Therefore, as one spouse continues to make payments on his or her separate property with community income the community (the married couple) begings to acquire an interest in that property.
This rule also applies to the labor, work, and effort of the parties. Thus, if a spouse owns a business that was started before the marriage but continues to grow the business after the marriage, the community acquires an interest in the increased value of the business.
It is very important that parties seek legal advise when entering into an premarital agreement. If the premarital agreement is not done properly, it will be void. This is specially true when entering into spousal support waivers. Also, the spouse that is giving up his or her rights should seek legal advise to make sure they completely understand what rights he or she is waiving.
For more information and an in depth consultation with one of our Aggressive, Caring, and Affordable attorneys, contact (800) 589-9901, or email us at info@dieferlaw.com.
Tags: aquired during marriage, assets, child support, community property, debts, diving property, divorce, income, Premarital agreements, prenups, separate property, Spousal Support Posted in Family Law | Comments Off
Wednesday, June 18th, 2008
For most marriages and registered domestic partnerships, the family residence is the main asset that the parties own. As such, properly dividing the value of the home is a crucial and important part in any divorce or legal separation.
In today’s ever decreasing real estate market, many southern counties have seen a rapid decline in property values. The counties of Orange, Los Angeles, San Bernardino, and Riverside have experienced a drop in property values of 20% to 30% in some cities. Therefore, it is imperative that in a divorce spouses act promptly to protect their interests. A delay of just several months can cost a spouse tens of thousand of dollars. This is especially true for the spouse that will be bought out by the other.
The spouse keeping the home, or buying the other spouse out of the property, has no incentive to hurry the divorce process. The longer the divorce takes, the less he or she will have to give the other spouse. But the spouse that will be bought out needs to be aggressive in moving the divorce process as quickly as possible in order to maximize his or her share of the equity.
If you own a home and are going through a divorce, time can be your worst enemy. You need to be proactive in preserving your property rights.
For a case evaluation and a free consultation with one of our experienced and aggressive attorneys call us at (800) 589-9901.
Tags: buy out, community property, equity, home, house, orange county, property values, real estate prices, real property, refinance, riverside county, San Bernardino County. Posted in Family Law | Comments Off
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