How To Deal With Divorce And Distribution Of Assets
Individuals with real property and other assets who have come to the end of the road in their romantic relationship can use our services as a Family Law Attorney San Fernando Valley. We can help our clients through the sometimes, complicated subject of the distribution of property.
Community Property v. Equitable Distribution
Important to the conversation is whether the state in which the parties reside is a Community Property state or an Equitable Distribution state. California is the latter. Few states are Community Property states. In them, however, each partner is an equal owner of the monies and assets acquired during a marriage. The spouses are also co-owners of debts.
In Equitable Distribution states, the allocation of assets and liabilities is not necessarily 50-50. Instead, factors affecting the amount of the payout and designation of the percentage of debt include 1) how long the two were married, the income or property each brought to the marriage, the standard of living maintained during the marriage and the age and physical and mental health of the individuals.
Separate property is what one spouse accumulated during the marriage, and they may be excluded from the divorce settlement. They include inheritances, gifts, proceeds from personal injury lawsuits and retirement benefits that a spouse became vested in before the marriage. It’s advisable for a spouse involved in a divorce to consult a Family Attorney San Fernando Valley because the final outcome in a distribution is not always clear. For example, if a spouse owned a business before marriage that increased in value after the marriage, it becomes community property.
Holdings Under Consideration
It appears that all aspects of our client’s life come into play in matters of the distribution of property. These include the obvious such as a car, house or pet. Also included in the examination are retirement and pension funds, stocks and bonds, rental property, professional practices for physicians, lawyers and more, deferred compensation, bank accounts, stocks and bonds, boats, art, antiques and memberships in country clubs.
During a divorce, our law office works to defuse an emotional time in our client’s life. We will do everything possible to attain a positive outcome for the people who come to us.