Singers and former real life/reality tv couple Nick Lachey and Jessica Simpson have finally settled the division of their financial assets. Although the couple’s divorce was finalized earlier this year, they just recently signed a “written stipulation” regarding their financial situation in Los Angeles Superior Court.
As the couple did not have a prenuptial agreement prior to their marriage, each spouse was entitled, under California law, to half of the financial assets acquired by both of them during their marriage. Simpson was reportedly the moneymaking spouse, earning $36 million during that time. She reportedly refused, however, to give half of her earnings to Lachey.
Under the new agreement, Lachey won’t receive $18 million, but he will receive significantly more than the $1.5 million she had initially offered to give him. Details of this new agreement are being kept private.
Community Property State
The state of California is a community property state, which means that all property acquired by a couple during the marriage is considered “community property” and-unless otherwise agreed upon or barring a premarital agreement-must be equally divided in terms of total net value when the marriage is dissolved.
California defines community property as any income earned or asset acquired by someone while married to another person. Property obtained before or during the marriage as a gift or inheritance is considered separate property. Any debts incurred by either person during the marriage is considered community property debt.
In order to ensure the equal division of property, the amount of assets do not have to be equally split, but the value must be equal. For example, one person may get the vacation house in Monterey and the two cars, while the other person may get the more expensive house located in Santa Clara County in the city of Palo Alto.
A family law attorney can help you work with your ex-spouse or former partner to figure out how to best divide your assets. If the two of you are unable to agree on how to divide the property, you may ask a judge may divide the property for you.
Once a property division is agreed upon or mandated by a judge, the agreement is very difficult to revise. Most states will allow a certain time period for when a request can be made called the Motion to Vacate the Judgment (sometimes known as a Motion to Reconsider) so that the party can explain why the court may have made a mistake when ordering the property division.
Duress and fraud are two other reasons that are given when requesting a motion to reconsider. A party can also appeal their case with a higher court if they are not happy with the division of property order that was granted to them. Appealing the case can be costly and time-consuming, and you will need a lawyer to represent you in court when you make your appeal.
If you have filed for divorce and you need a family law attorney to represent your interests in reaching an agreement on how to divide your assets, contact Sagaria Law, P.C. We represent clients in divorce, property division, child custody, child support, and alimony matters in Monterey County, Alameda County, and Santa Clara County.
Simpson And Lachey Divide Financial Assets, Allheadlinenews.com, January 1, 2007
Related Web Resource:
California Property Division Factors, Divorcesupport.com
California Family Code