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Property Division Attorney in Beverly Hills, CA
Beverly Hills Asset Division Lawyers Ready to Fight With You for What’s Rightfully Yours
Beverly Hills is a city well-known for its opulent wealth and luxurious home estates. However, divorces occur here and, due to the amount of assets and property often held in marriages in this area, the stakes could not be higher when dividing marital property. At Benefield Faulk Law, our attorneys know just how much is at stake during a Beverly Hills divorce. A Beverly Hills property division lawyer can fight for your rights and protect your financial interests. Speak with a knowledgeable Beverly Hills Property Division Lawyer today.
In a divorce, the division of property and assets is likely one of the more heated arguments a couple will face. This is where lawyers and courts come in handy to bring a resolution to an otherwise never-ending negotiation of marital asset and property division. Not only will bringing in a Beverly Hills Spousal Support Lawyer and a property and asset division lawyer keep things civil, but it will also make the process smoother, and possibly faster, which is something you can both agree is a good thing.
Marital Property vs. Separate Property in a Beverly Hills Divorce
California operates under community property laws, so the courts will consider all property obtained by either spouse during the marriage to belong to both parties. These shared assets are considered “marital property.” In Beverly Hills, a city that sees a median household income of $127,979, this marital property can include a large number of highly valued assets. Assets that are typically counted as marital property can include:
- Income of either spouse
- Stocks
- Retirement accounts or benefits
- Savings or checking accounts
- Personal belongings
- The family home
- Other real estate holdings
- Vehicles
- Home furnishings
- Debts, such as credit card debt or house/vehicle loans
Put simply, marital property is anything that was acquired during the marriage. Conversely, some forms of property will be considered separate property. These items are not subject to the property division laws of California. In Beverly Hills, separate property is any property that you obtained prior to your marriage, which can include:
- Property owned by either spouse prior to the marriage
- Inheritances that one individual spouse received
- Income acquired after you and your spouse formally separated
- Any income earned while you were living apart from your spouse
It is important to keep in mind, however, how and when separate property items can be converted into shared or marital property. This might include instances where you put your spouse on the deed of a home that was owned prior to the marriage.
What Factors Determine Property and Asset Division?
If a couple has a prenuptial or postnuptial agreement, the division of wealth is already decided and will be a matter of the family law attorney pushing the paperwork through the appropriate legal channels. Without a prenuptial or postnuptial agreement in place, a couple will need to essentially “fight it out” over who gets what in a divorce. While the idea of splitting things evenly is the most logical solution, that doesn’t mean it is the right one. When the couple and their attorneys do not reach an agreement, it may then be up to the courts through what is called equitable distribution.
This means the court will try to find a “fair” solution for property division and other marital assets based on certain factors. These are a few of the many factors a judge may consider when determining property and asset division: financial status of each person, overall financial contributions from each spouse during the marriage, length of the marriage, any interruptions to the careers of a spouse as a result of child-rearing, the contribution of each spouse in acquiring the marital assets, and any other pertinent factors.
California is one of several states with community property laws, which state that all property of a married person either belongs to both spouses jointly or only one spouse. How does only one spouse own property in a marriage? If a spouse came into the marriage with property or if they bought the property since the separation but prior to the divorce, they may be able to claim sole ownership in a community property state rather than sharing it with their spouse. Since each couple is different, talking to a property division lawyer may be the right call in figuring out if community property laws apply to your situation.
What Happens to the House in Property and Asset Division?
For most couples, the biggest asset will be what is called the “marital home.” This is the primary residence of the couple during the marriage and is often the most contested part of a divorce when it comes to assets and property division. There is sentimental value in terms of family memories but also monetary value because it is real estate, so both parties usually want to keep the marital property.
A divorced couple will not be able to share custody of a house in the same way they might share custody of their children, and they certainly don’t want to live there together anymore. How is the marital property dealt with during property division? The couple basically has three options: sell the house and split the profits; the home is refinanced, and one spouse buys the other spouse out; or the primary custodial parent of minor children retains the house until the youngest child is no longer a minor.
Once the youngest child is no longer a minor, the couple may sell the house and split the profits, or one spouse may buy the other spouse out. While these options are basically the same for most couples when it comes to the marital home or primary residence, a trusted property division lawyer will make sure you understand the options, your rights, and the potential financial impacts of each option with what is considered community property and the marital home.
Do I Need a Property and Asset Division Lawyer?
If you and your soon-to-be-ex-spouse were unable to come to an agreement regarding property division and related assets, then you certainly need legal counsel. An experienced property and asset division lawyer assists their client in ensuring a fair fight for what they deserve, as well as answering any questions and overseeing the legal side of the process.
This could mean meeting with the spouse and their lawyer for family law charges on your behalf, negotiating terms, gathering relevant financial evidence, and representing your interests in a court of law. When dealing with something as important (and costly) as dividing up who gets what in a divorce, it makes logical sense to arm yourself with an experienced property and asset division lawyer willing to fight for you at Benefield Faulk Law.
FAQs
What Is the California Property Division Process?
First, you and your spouse will need to disclose all forms of assets and property. Then, you must determine which are considered shared property and which are separate. From there, you will need to assign value to all shared property and assets before the division can take place. You will also need to look over any existing pre- or postnuptial agreements.
What Makes a Property Division Complex in Beverly Hills?
Figuring out how to divide property in a Beverly Hills divorce can be extremely complicated. This can be particularly true if:
- You own complex assets.
- You or your spouse owns a large portion of real estate.
- You are both hoping to walk away with the same assets.
- Your property is difficult to assign a value to.
What Property Is Exempt From a California Divorce?
In a California divorce, certain items of property are considered separate property, so they are, therefore, exempt from the laws of property division. Examples of this property might include:
- Any funds saved in a retirement account prior to the marriage
- Any gifts from one to the other, under certain circumstances
- Any royalties, residuals, or other income streams from property owned before the marriage
How Long Does a California Property Division Case Take?
How long a California property division case might take depends on the nature of that case. There are many variables involved in these situations, which can impact the overall timeframe of a case. These variables can include the complexity of the assets involved, the availability of the courts, and the ability of all parties involved to cooperate and compromise.
Can a Lawyer Help?
There is no reason to face the division of property and assets on your own. You need reliable legal counsel to ensure a smoother journey to finding the right settlement with your spouse. Contact us at (310) 271-7675today and let us help you fight for what you deserve.
