Posted by Gurjit Srai In Assets October 4, 2018 0 Comment

One major part of a California divorce is the division of all properties that was acquired by either spouse. In California, all assets that the spouses acquire while they are married are presumed to be community property. All other property acquired by a spouse before marriage, during the marriage by gift or after separation is categorized as separate property. The categorization of property during a divorce process is important because it will determine which spouse gets what property.

However, before you even label a property as community property or separate property, it is important to identify and locate all valuable assets for both yourself and your spouse. An experienced Central Valley divorce attorney can help you do this to make sure the divorce proceeding is fair for both parties.

Below is a list, although not exhaustive, of assets that should be identified and located prior to the division of property or property settlement in a divorce proceeding.

  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
    11. Income tax capital loss carry-forwards
    12. Income tax charitable contribution carry-forwards
    13. Marketable govt licenses (radio licenses, commercial fishing quotas)
    14. Special retirement benefits (“golden parachutes”)
    15. Retirement – life insurance benefits
    16. Retirement – medical benefits
    17. Retirement – survivor benefits
    18. Hobby or other collections
    19. Contract rights from marital employment (e.g., insurance renewal payments for agent)
    20. Affiliation “rewards” programs (e.g., points or discounts for credit card use)
    21. Entertainment tickets, season ticket options
    22. Business vehicle for personal use
    23. Prepaid rent, leases, subscriptions
    24. Burial plots
    25. Life insurance cash surrender value (or perhaps death benefit if insured is elderly)
    26. Tort, worker’s comp claims
    27. Stock options
    28. Hangar lease (for aircraft)
    29. Hotel or credit card points
    30. Cash
    31. Small business retained earnings
    32. US Savings Bonds, other securities
    33. “Hidden value” items – rare items of personal property (e.g., antiques), rare pets, collectibles
    34. Options to purchase property
    35. Unpaid commissions on deals set to close
    36. Referral fees (e.g., for personal injury lawyers)
    37. Security or performance bonds posted
    38. Car insurance prepaid
    39. Taxes prepaid

Each divorce proceeding is different and unique. However, determining what assets you and your spouse have prior to filing for divorce or finalizing the terms of your property division is important. In some cases, it may be necessary for Central Valley divorce attorneys to hire an investigator to make sure that both spouses reveal all of their assets that are subject to division.

Call an Experienced Central Valley Divorce Attorney

If you are going through a divorce or planning to file for divorce, it is important that you have a knowledgeable attorney fighting for your rights. For more information or to schedule a complimentary consultation with a Central Valley divorce attorney, please call Gurjit Srai (209) 323-5558 or (559) 449-1447, or complete our online form.

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