If you are approaching the divorce process and have a high net worth, you need to familiarize yourself with various issues related to property division. For example, understand the differences between community property and separate property. Moreover, understand what constitutes quasi-community property and note that this property is also subject to division.
By understanding how court divide marital property in California, you can brace yourself for the financial impact of getting a divorce and this can help reduce anxiety and uncertainty.
What is quasi-community property?
According to the Judicial Branch of California, quasi-community property consists of property that one spouse or both spouses acquire in another state that California would treat as community property if it they acquired it in the Golden State. California considers quasi-community property as community property and therefore it is subject to distribution.
What are some examples of quasi-community property?
There are various types of property that can become quasi-community property. For example, if you lived in another state during your marriage and bought real estate, had income or obtained some other type of property that California’s laws would treat as community property, it is subject to division. If you held a job in a different state or purchased a vehicle outside of California, you can expect the court to treat your income or car as community property during your divorce.
For many people working through a high asset divorce, there is a lot at stake. Make sure you have an in-depth understanding of your options and strategies to protect your interests and secure a better end result.