San Fernando Valley Property Division Lawyers
Property division is an issue that will need to be addressed in a divorce or legal separation. While both parties negotiating an agreement out of court will have some leeway in determining which spouse gets what property or assets, if your divorce goes to court the judge will make a ruling of how your property will be divided.
If you are interested in learning more about property division and how it may affect your divorce, please contact a lawyer at Cutter & Lax Attorneys at Law today.
Understanding Property Division in California Divorces
The state of California defines property as anything that can be sold or bought, such as a house, cars, clothing, or furniture. Property can also be anything that carries value, such as bank accounts, cash, pension plans, retirement plans, 401(k) plans, stocks, life insurance with cash value, businesses, or a patent. When you are going through divorce or legal separation, the court can make decisions about how to divvy up the property between the partners. This process of division is based on various factors and details, and as a result, could be very time consuming, complex, and emotionally exhausting for those involved.
If you are not prepared for the division process, things that you feel could never be measured by numbers or dollar signs all of a sudden are measured in such a way. Placing value on your invaluable marital assets could be distressing and uncomfortable. For your financial security in the future, property division is a vital issue, and though it may be a sensitive one, it must be done. Consulting with an experienced San Fernando Valley property divorce lawyer can help guide you through this process. We are devoted to getting you the best possible outcome.
California's Community Property Laws Explained
The state of California is a community property state, meaning it considers any property that has been acquired by a person during the time of their marriage or while they lived with their spouse to be considered communal. This includes income that was obtained during the course of the marriage or things that were given as gifts during the marriage. Without a pre- or postnuptial agreement in place, communal property will most likely be divided equally. The court will look to a number of factors to determine how to fairly distribute community property between spouses.
Community property may not be actually divided by physical objects, but rather by the value of each object. This may mean that in a divorce, spouses will receive the home, the car, investment properties, and businesses evenly between them in terms of financial value. Most judges will determine the net value of the couple during the marriage and distribute the property or assets that were obtained equally during the marriage. If business or educational degrees or licenses were obtained during the marriage, the state may reimburse the cost of acquiring them.
Navigating Complex Property Division in High Net Worth Cases
Property division can be determined in a few ways. A judge may look at the income of both couples and determine the probability of income generation. If there is a child involved, the judge will also take into consideration who has custody of the child and what benefits the child may receive by the division of the property. Complications often arise if there are hidden assets, bonds and mutual funds, joint business accounts, or marital assets that are involved in high net worth divorces. If there were no marital agreements in place prior to the divorce, you may be subjected to complex property division.
Most people that require the assistance of an attorney in these matters. With so much at stake, they need to make sure that what is rightfully theirs remains theirs. When you work with Cutter & Lax Attorneys at Law, every asset and detail of your marital and communal property will be evaluated to help determine the best course of legal action to take.
How Our San Fernando Valley Lawyers Advocate for Your Property Rights
There are actually a number of factors that need to be reviewed and different ways to determine whether property may be considered "community" or "separate." By working with financial professionals and utilizing extensive legal knowledge on the subject, a skilled property division attorney can determine how to effectively represent your interests. If you are facing a divorce and are considering what assets you have and how property division may affect them, it is imperative that you contact Cutter & Lax Attorneys at Law. Our attorneys can help you determine what property is rightfully yours.
Contact our dedicated and aggressive legal team today to schedule your free case evaluation.
