California Family code calls for an even distribution of the community property.
Orange County, CA (PRWEB) June 12, 2013
Yanez & Associates Property Division attorney, Bettina Yanez, launched a video titled, “Asset Division and Community Property in a California divorce”. During the marriage or registered domestic partnership the assets and debts that are acquired during the marriage are considered community property.
Attorney Bettina Yanez produced a video explaining how Community Property (assets) is handled in a California divorce.
The attorney explains that throughout a marriage or registered domestic partnership the parties regularly obtain assets and debts.
The Assets and debts that are attained all through the marriage are considered community property. The California Family code calls for an even distribution of the community property. The participants are allowed to enter into an agreement that can then be filed with the family court. The agreement becomes the order of the court when the Judge signs the order. The participants can use debt to counterbalance assets split among the participants.
If the parties have a community property interest in a retirement plan or pension the parties will need to acquire a statement as of the date of separation. If the parties each have a retirement account and each is of similar value then each party may keep their own plan.
If the above is the case then it is not required that the participants expend money on a QDRO. A QDRO is a Qualified Domestic Relations Order.
Moreover, if accumulated interests in their respective plans are about the same a QDRO is not necessary. However, if the community property interest is not equivalent then the retirement accounts will most likely need to be split by a QDRO.
Bettina Yanez recommends one should create a list of all assets. Once the list is complete the participants will need to establish the worth of each asset. These assets will be itemized on a form called “Schedule of Assets and Debts”. The Schedule of Assets and Debts will need to be signed under penalty of perjury; for this reason, one must be very prudent and truthful when completing the form.
The Schedule of Assets and Debts will then be exchanged among the partakers. If the parties agree that all community assets and debts have been disclosed the participants can then initiate the division of assets and debts.
Please note each case is different; therefore, one is encouraged to seek the advise of a knowledgeable family law attorney to see if there may be an exception in one’s case.
For the Spanish speaking community the Orange County Property Division attorney has launched “División de Activos en California” a website that caters to the Hispanic community.
About: Bettina Yanez & The Family Law Offices of Yanez & Associates
Yanez & Associates is an Orange County Family Law Firm that handles a wide variety of family law cases such as, divorce, contested child custody, child support, child visitation, spousal support/alimony, domestic violence/abuse, paternity, mediation, restraining orders, modification, prenuptial agreements, annulments, legal separations; property division/settlements. The founding attorney Bettina Yanez is a California Certified Family Law Specialist serving the communities of Orange County, Los Angeles County and parts of Riverside County, California.
Additionally, the firm provides legal assistance to individuals in cases involving juvenile defense, juvenile delinquency and expungements. For a free consultation or to learn more about the Family Law Offices of Yanez & Associates call (714) 971-8000 or use the Family Law online contact form.