Legal Question in Family Law in California
asset division with 2640 claim
judgement finds an account invested in stocks
to be community property with $x 2640 claim
and the remaining balance to be divided equally.
these are some facts:
1) $x separate property deposit was made during
the marriage. The deposit to balance ratio at
that time was: $x/($y+$x) = 71%
2) There were community deposits after that date.
3) At separation the ratio of $x to total value was:
$x/(total value) = 22%
4) There were withdrawls after separation that are
credited back to community at full value.
5) The current balance is about $x mostly due to
stock market declines.
Reading the judgment and consistent with other asset
divisions with 2640 claim, I expected:
if current balance $x then account is liquidated and
confirmed to the party with $x 2640 claim.
otherwise, $x is subtracted from current balance and
what remains is divided equally. $x is given to the
party with 2640 claim.
I have one or two questions depending on the answer:
1) is the above expectation accurate and consistent
with law?
2) what is the division rule for this asset?
1 Answer from Attorneys
Re: asset division with 2640 claim
The answer to your question may revolve around who had control of the funds after the judgment was entered and why the funds were no liquidated right after the judgment was entered. Generally,the 2640 claim remains and is paid first, as the judgment intended, however, if the party with the 2640 claim did not liquidate the funds the other party may claim that the party in control was losing their own money or that the losses are pro-rata. The law is pretty clear about what happens between date of separation and date of judgment, but after the judgment, the law and the facts are unsettled. Good Luck, Pat McCrary
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