In a recent blog post “Your Spouse’s ‘Hidden’ Assets – A Checklist” mentioned in the South Carolina Family Law Blog, Georgia Family Law Attorney Steve Worrall provided a useful and extensive list of assets that are often overlooked or hidden in divorces and legal separations. In California, all assets acquired during marriage by either party are presumed to be community property. It is important that prior to the division of property or property settlement in a family law case, all valuable assets are identified and located. The list of assets below is not exhaustive but is a great tool for litigants and attorneys alike.
1. Frequent flyer mileage
2. Security deposits (e.g., utilities, car lease)
3. Timeshare property
4. Leased vehicles, cell phone, other items
5. Stock options
6. Memberships (e.g., country club)
7. Bond or deposit for country club
8. Unused vacation, sick leave
9. Patents, copyrights, royalties
10. Income tax refunds
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In a divorce proceeding, bifurcation is the division of the divorce into two or more parts. In California, bifurcation is governed by California Family Law Code Section 2337. There are two types of bifurcation. In the first, the parties bifurcate the divorce by severing the issue of marital status from all other issues to obtain a “status-only divorce.” In the second, the parties bifurcate a single key issue from the rest of the case, and have a mini-trial to resolve that key issue. Both types of bifurcation can be especially useful to people getting divorced in today’s economic downturn.
Certain parts of a divorce such as the division and valuation of property, child custody, child support and spousal support can take longer to resolve than we would like. This is equally true whether the parties are negotiating or are preparing for trial. They may bifurcate the issue of marital status and reserve the court’s jurisdiction over all other matters. This can give them the peace of mind knowing that they are divorced, can move on with their lives, and can even remarry, while knowing that they will have the time necessary to properly resolve the other divorce issues.
Here are three legal terms that you should think about if you are thinking about filing for divorce:
One part of a divorce is the division of property. California is a community property state. All property obtained by either party during a marriage is presumed to be community property and jointly owned 50/50 unless the acquisition of the property was the result of a gift or inheritance. Any property acquired during a marriage that can be traced to separate property is also separate property. All other property, including property that was acquired before marriage or after the date of separation, is separate property. Certain actions and/or agreements Read more of this post.