DIVISION OF ASSETS AND DEBTS
In divorce and dissolution of domestic partnership cases, the court will apply California law to divide the parties’ assets and debts. California is a community property state, which means that all assets and debts acquired during the marriage becomes community property and community obligation. On the other hand, all assets and debts acquired prior to the marriage or acquired after separation is separate property and separate obligation. Inheritance and gifts to one spouse or partner during the marriage are also characterized as separate property. Property may also be characterized as a mix of community and separate. Typically under these circumstances tracing of funds and the application of statutory formulas determines the characterization or apportionment of the mixed property.
In contested cases, determining the characterization and division of community property and mixed property can be difficult undertakings. Often times documentary evidence, subpoenas, written discovery demands, expert analysis, oral testimony, and other evidence must be obtained and employed. The attorneys at Youngman Reitshtein, PLC are experienced in determining and litigating the characterization and division of assets, ranging from the most straight forward of cases to the most complex, and will partner with professional financial and forensic experts to protect your financial interests throughout the dissolution process.