Assistance from a Certified Family Law Specialist & Former CPA
Financial problems are one of the most common reasons for the failure of marriage. We see this particularly at our law firm, the Law Offices of Kenneth U. Reyes, P.C.. In addition to complicating the marriage, finances can add a tremendous amount of conflict to the divorce. For example, there may be a dispute over which assets are considered marital property (subject to division) and which are considered separate property. Or, there may be a situation where one spouse earns substantially more than the other spouse and controls most of the community assets. At the Law Offices of Kenneth U. Reyes, P.C., our Los Angeles property division attorney can help protect your assets during the property division process. In addition to being a Certified Family Law Specialist (CFLS), Attorney Kenneth U. Reyes is also a former Certified Public Accountant (CPA). With a decade of experience as a CPA, Mr. Reyes brings an in-depth, professional understanding of the financial complexities involved in the property division.
Understanding Your Rights During Property Division in Los Angeles
Navigating the complexities of property division can be overwhelming, especially during a divorce. At the Law Offices of Kenneth U. Reyes, APC, we believe that knowledge is power. Understanding your legal rights and the factors that influence property division can significantly impact the outcome of your case.
Here are some key considerations to keep in mind:
Community vs. Separate Property: It's essential to distinguish between community property and separate property, as this classification affects how assets will be divided.
Valuation of Assets: Properly valuing assets, from real estate to retirement accounts, is crucial. Our team can help ensure that all assets are accurately assessed.
Debt Division: Remember that debts are also divided during property division. Understanding how this works can help you prepare for your financial future.
Negotiation and Mediation: Many couples find that negotiation or mediation can lead to a more amicable resolution. We can guide you through this process to help you achieve a fair outcome.
Legal Representation: Having a knowledgeable attorney on your side can make all the difference. Our firm’s expertise in family law ensures that your rights are protected throughout the process.
We are committed to providing personalized legal strategies that cater to your unique situation. If you have questions about property division or need assistance, don't hesitate to reach out to our experienced team today.
How is Marital Property Divided in California?
In California, marital property is divided 50/50 between spouses during a divorce. Each spouse is entitled to 50% of the community property. Community property is all property, real or personal, acquired by a married person during the marriage while domiciled in the state.
Equitable Distribution of Assets in Divorce
Regarding property division between divorcing spouses, California does not discriminate as to who brought in the bacon during the marriage. Even if only one spouse worked to earn the money, the income is seen as belonging to both spouses as long as it was accumulated during the marriage. (That would be from the date of the marriage to the date of separation.) This means that if you are a high-earning spouse, such as a physician, dentist, or business professional, the income generated during the marriage would be divided evenly. Suppose you accumulate substantial assets through retirement plans, real estate, or intangible assets. In that case, your spouse may be entitled to a distribution of half of the value of the community assets. However, in practice, the distribution of community assets and debts only sometimes results in an equal distribution.
Protect Your Assets with an Experienced Los Angeles Property Division Attorney
When going through a divorce, one of the most complex and contentious issues is often the division of marital property. It is crucial to have a knowledgeable and experienced property division attorney on your side to protect your assets and ensure a fair distribution.
At the Law Offices of Kenneth U. Reyes, P.C., our team includes a certified family law specialist and former CPA who can provide expert guidance on how to navigate the intricacies of property division in California. We understand the laws surrounding equitable distribution of assets and will work tirelessly to advocate for your best interests.
Benefits of working with our property division attorneys include:
Customized legal strategies tailored to your unique situation
Thorough analysis of all marital assets and debts
Negotiation and mediation skills to reach favorable settlements
Litigation experience to protect your rights in court if necessary
Property Division Attorneys Protecting Your Assets in Los Angeles
Our property division lawyer in Los Angeles will aggressively assert your rights to your community and separate property through settlement negotiations or trial.
Our Los Angeles attorneys aim to help you keep and preserve as much of your assets as possible when you go through divorce.
It is common for us to retain experts who can provide accurate valuation of assets—such as professional practices, businesses, and real estate—that would be most favorable to our client's position.
This allows our attorneys to properly prepare the clients' cases for trial, which is especially helpful if the divorce case does not settle.
How Are Debts Divided During a Divorce?
In California, debts accumulated during a marriage are generally considered community debts, which means both spouses are responsible for their repayment, regardless of which spouse incurred the debt. California’s community property laws apply not only to assets but also to liabilities, aiming for an equitable distribution of both. This means that in a divorce, debts like mortgages, car loans, and credit card balances accumulated during the marriage are usually divided equally between both parties. However, some exceptions and complexities can arise.
Debts that were incurred before the marriage are typically considered separate debts, remaining the responsibility of the spouse who originally took them on. Additionally, if a spouse takes on debt after the couple has separated but before the divorce is finalized, that debt may also be treated as separate. However, specific circumstances can affect this division. For example, if debt was incurred for the benefit of the family or household, even if one spouse opened the account, the court may view it as a shared obligation.
In cases where high-value assets or debts are involved, such as business loans or student loans, the division may be more complex, requiring careful analysis to ensure fairness. Consulting with an attorney who understands California’s community property laws can provide crucial guidance to achieve a balanced debt division in the divorce process.
Contact Our Los Angeles Property Division Lawyer
The division of community property and debts can get complicated when you take into account a spouse's right to reimbursement, credits, transmutations, and quasi-community properties. It is important to hire legal counsel that is thoroughly familiar with the numbers. There are numerous presumptions under the California Family Code and case law that define the characterization of community assets and debts.
Contactthe Law Offices of Kenneth U. Reyes, APC to schedule a consultation with one of our knowledgeable Los Angeles property division attorneys!
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