Beverly Hills Asset Division Lawyers Ready to Fight With You for What’s Rightfully Yours
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 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.
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.
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) 271-7675 today and let us help you fight for what you deserve.