Separate Assets and Community Property in California
The longer a marriage lasts, the greater the opportunity for separate assets to become commingled and transformed into community property. A necessary part of the divorce process involves identifying separate and community property before the community property is valued and divided.
The basic principle of asset characterization may be simple, but in practice the application of that principle can be quite complicated. At my practice, the Law Offices of Hugh Thomson, I focus on divorce cases involving complex property division. With more than 30 years experience in such cases, I provide high-level advice and representation to high net worth clients in San Jose, Silicon Valley and elsewhere in Northern California.
Call my office at 408-298-4000 or contact us online to schedule a consultation to discuss your asset characterization issues.
Tracing the Transformation of Assets
A simple example illustrates how a separate asset can easily be transformed into a community asset:
Two young people meet, fall in love and get married. Just after their marriage, they combine their savings and buy a house. Over the years, through their earnings and inheritance, they make significant improvements that enhance the value of the property.
Just by buying that house and making improvements, the house has become community property even though at its origin, there were two separate asset components. If the marriage ends, the separate assets must be identified and assigned to their particular owner before the true property division can begin. Now complicate this example by tracing the commingling assets over many different asset types, such as businesses, IRAs and 401ks, personal property, real estate, inheritances and other assets. As you can see, characterization of assets can be very complex.
Applying Knowledge and Expertise
As an experienced divorce lawyer, I have been examining marital assets and characterizing them as part of the property division process for many years. During that time, I have handled cases involving virtually every type of asset and made countless analyses and tracings of separate assets and their transformations into community assets.
I apply my extensive knowledge and expertise to every case I handle. My capabilities enable my firm to identify and characterize even the most complex assets in a timely and efficient manner.
Characterization of assets is the first and, in some respects, the most important step in property division. I will work to protect your rights and interests in this and every subsequent part of the divorce process.
For a consultation with attorney Hugh Thomson, call us at 408-298-4000 or contact us online. Located in San Jose, my firm serves clients throughout Silicon Valley and other areas in Northern California.
