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.
- Frequent flyer mileage
- Security deposits (e.g., utilities, car lease)
- Timeshare property
- Leased vehicles, cell phone, other items
- Stock options
- Memberships (e.g., country club)
- Bond or deposit for country club
- Unused vacation, sick leave
- Patents, copyrights, royalties\
- Income tax refunds
- Income tax capital loss carry-forwards
- Income tax charitable contribution carry-forwards
- Marketable govt licenses (radio licenses, commercial fishing quotas)
- Special retirement benefits (“golden parachutes”)
- Retirement – life insurance benefits
- Retirement – medical benefits
- Retirement – survivor benefits
- Hobby or other collections
- Contract rights from marital employment (e.g., insurance renewal payments for agent)
- Affiliation “rewards” programs (e.g., points or discounts for credit card use)
- Entertainment tickets, season ticket options
- Business vehicle for personal use
- Prepaid rent, leases, subscriptions
- Burial plots
- Life insurance cash surrender value (or perhaps death benefit if insured is elderly)
- Tort, worker’s comp claims
- Stock options
- Hangar lease (for aircraft)
- Hotel or credit card points
- Cash
- Small business retained earnings
- US Savings Bonds, other securities
- “Hidden value” items – rare items of personal property (e.g., antiques), rare pets, collectibles
- Options to purchase property
- Unpaid commissions on deals set to close
- Referral fees (e.g., for personal injury lawyers)
- Security or performance bonds posted
- Car insurance prepaid
- 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) 314-2796, or complete our online form.