Legal Question in Family Law in California
What is a Watts Asset?
What exactly is a Watts Asset and how do I determine if I can claim it in my disclosure paperwork? My husband currently is living in our house that could be rented out and producing income.
1 Answer from Attorneys
Re: What is a Watts Asset?
In In re Marriage of Watts, the court allowed one spouse to receive one-half the value for the use of community property by the other after separation. If the house could rent for $1,500 and the mortgage and upkeep costs $900, the community is losing $600 per month and you, one half that amount.
There is a saying amongst family law attorneys: The only person who ever got Watts credits was Mrs. Watts.
Difficult to prove, but always worth trying (or using as bargaining chip).
Matthew Kremer
Law Offices of Matthew M. Kremer
9665 Chesapeake Drive, Suite 310
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