Asked about 1 year ago - Stockton, CAFlag
We have been married (in US) for little less than 5 years and my spouse was unemployed for about 3 years during that time. During the past 5 years, I have sent some of our savings to my home country to support my old parents (no income) and some to invest. During the process of dividing assets, how would this be treated - Would the money I sent over be split 50% or would only the money invested be split. Also, what if the investment profited or incurred loss? Would that be taken into account as well?
An asset belong to community property is an asset of community property no matter where located. It will be treated as community property. It will be divided based on value as of date of separation. Profit and loss is reflected on income tax return and is tax issue.
You will first disclose the asset on assets and liability form. Then during settlement negotiations, you will decide who wants to keep the property.
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