Commingling Of Separate Asset Claims During Divorce
Separate property is defined as the assets a person has acquired before marriage or after separation, as well as inheritances and certain gifts. However, there are many ways by which separate property can be transformed into community property, which must be divided equally under California law.
Perhaps the most common example of this phenomenon occurs when spouses combine their separate assets to buy a house. Through the commingling of separate assets, the house becomes a community asset. As time goes on, the couple makes major improvements to the house using money acquired before and during the marriage. To complicate things even further, the house has appreciated significantly in value since the couple first acquired it.
Though the house is a community asset, it still retains the shadow of separate property elements. Unraveling the threads of commingled assets for the purposes of property division can become a highly complex endeavor.
Tracing The Transformation Of Separate Property
At the Lauzon Paluch in Los Angeles, we have the experience, knowledge and resources needed to properly identify and value separate property during the divorce process. When necessary, we call upon the expertise of outside professionals such as forensic accountants, appraisers and business valuation specialists who can provide important insights into the nature of particular assets.
When representing you, our attorneys use these skills and resources to protect your rights and separate assets seeking a fair property settlement for you.
We Will Protect Your Rights And Property
At first glance, California’s community property laws seem simple enough. But applying them to a real case can become exceedingly complex. The longer a couple has been married, the more challenging the task becomes, as separate assets get combined, memories fade and financial documents get discarded.
For most people, the property settlement they receive upon divorce will form the foundation of their finances going forward. You can rest assured that, given the circumstances of your case, the Lauzon Paluch will work diligently to place you in the strongest financial position possible.