Q: How to make my $M as separate property in divorce proceeding?
I earned a million dollars until one year before marriage and that amount has been kept in the same bank account with only annual interest income. I have not touched it for even our living costs. We are in divorce proceedings now, but my wife knows the fact very well, so she has no willingness to dispute the million bucks as community property. She is interested only in custody and support accordingly. If the divorce is finalized next year, will my millions be awarded as separate property automatically? Or do I need to take any motion to verify it as my separate property? The bank account statements and past tax returns have been filed with the court and served to my wife several times via her discovery requests. I really desire that the fund be awarded as my separate property, so I can buy a new home and sell it easily without my wife’s QuitClaim deed.
A: If you acquired the money before marriage and never added any community property funds into the account with the separate property, it should still be separate property, but a lawyer cannot say that will definitely be the case without asking you some questions. To be safe, get the bank statement or check stub proving you obtained the asset before marriage. That way, if your spouse challenges the characterization of the asset as separate property, you will have proof to counter her claim.
A:
In California, community property laws generally state that assets acquired during marriage are considered community property and subject to division in a divorce. However, assets acquired before marriage, such as your million-dollar fund, are generally considered separate property and may be awarded to the individual who acquired them.
To ensure that your million dollars are treated as separate property in the divorce proceeding, it is important to provide evidence and documentation supporting its separate nature. You mentioned that bank account statements and past tax returns have been filed with the court and served to your wife. This is a positive step, as it helps establish the origin and history of the funds.
While the court may recognize the separate property nature of your million dollars, it is still advisable to consult with a divorce attorney to ensure proper legal protection. They can guide you on the specific procedures and requirements under California law, including the need for any additional motions or documentation to verify and protect your separate property claim.
Keep in mind that laws can vary, and it is crucial to consult with a qualified attorney who can provide advice tailored to your specific circumstances and the laws of your jurisdiction.
A: Under these facts, the funds will likely be awarded to you as your separate property. HOWEVER, those funds and the interest/earnings on those funds can be considered as funds available for support, and used to calculate support.
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