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When a marriage or long-term partnership ends, property division is one of the most complex and emotionally charged aspects. The legal process for dividing assets varies by jurisdiction. Still, the role of our Palos Verdes property division attorney at Baghdaserians Law Group, Inc is critical in ensuring your rights and interests are protected during this phase.
What is Property Division
Property division refers to the legal process of distributing assets and debts accumulated during a marriage or partnership. In some cases, property may include real estate, bank accounts, retirement funds, vehicles, personal belongings, and liabilities like loans and mortgages.
Types of Property in Division
It’s essential to understand the two main types of property involved in a divorce or separation:
Marital Property: This includes all assets and debts acquired during the marriage, regardless of whose name they are under. In many jurisdictions, this property is subject to equitable or equal division.
Separate Property: Separate property refers to assets and debts owned by one spouse before the marriage or acquired through inheritance or gifts during the marriage. Our property division attorney in Palos Verdes will help determine which assets fall under this category to ensure they remain with their rightful owner.
Equitable vs. Community Property States
The property division process varies depending on whether the state follows equitable distribution or community property laws.
Community Property: In states with community property laws, spouses divide all marital property equally (50/50). Our Palos Verdes property division lawyer can help ensure that the division of property is fair and that no hidden assets are left out of the process.
Equitable Distribution: In states that follow equitable distribution, property is divided based on fairness, which doesn’t necessarily mean equality. A judge will consider various factors, such as the length of the marriage, each spouse’s contribution to the marriage, and their financial needs. Our property division lawyer in Palos Verdes can help argue for a fair share based on these factors.
How Is Property Divided in California
In California, property division during divorce follows community property laws, meaning that all assets and debts acquired during the marriage are considered jointly owned by both spouses. As a result, they are generally divided equally (50/50) between the spouses upon divorce. Community property includes income, real estate, vehicles, and retirement accounts obtained during the marriage, regardless of whose name is on the title. Separate property, such as assets owned before the marriage, gifts, or inheritances, remains with the original owner and is not subject to division.
However, complications can arise when separate and community property become commingled, such as when a home purchased before the marriage is paid for with joint funds. In such cases, determining what portion of the asset is separate or community property can be complex. Additionally, California courts may also consider factors like prenuptial agreements, spousal misconduct, and accurate asset valuation when dividing property, making the guidance of our property division attorney in Palos Verdes essential for ensuring a fair and equitable outcome.
Which Factors Affect Property Division
Several factors can affect property division during a divorce, even in states like California that follow community property laws. While the law generally requires an equal 50/50 division of marital property, the following factors can influence how assets and debts are divided:
Prenuptial or Postnuptial Agreements: If a couple has a valid prenuptial or postnuptial agreement in place, it can override the standard division rules and specify how assets and debts should be distributed.
Commingling of Assets: When separate property (owned before marriage or inherited) is mixed with marital property, determining how much of an asset is community versus separate can complicate the division process. A property division attorney is often needed to trace the origins of such assets.
Spousal Contributions: When dividing assets, the court may consider each spouse’s financial and non-financial contributions to the marriage, such as income generation or being a homemaker. Significant disparities in these contributions can affect the final property distribution.
Debts: Like assets, debts incurred during the marriage are typically split equally. However, the court may assign certain debts to the spouse who benefited the most from them or is better equipped to pay.
Misconduct or Fraud: Although California is a no-fault divorce state, attempts to hide or waste marital assets (such as spending recklessly before the divorce) can affect how the property is divided, with the wronged spouse potentially receiving a larger share.
Spousal Support: In cases where spousal support (alimony) is a factor, the property division may be adjusted to account for the financial needs of the spouse receiving support.
These factors underscore the importance of having our property division attorney navigate the complexities of dividing assets fairly.
Speak To Our Attorneys At Baghdaserians Law Group, Inc
If you’re facing a complex property division or family law matter, having experienced legal guidance is crucial. Speak to the attorneys at Baghdaserians Law Group, Inc for expert advice and representation. Our team specializes in property division, ensuring your assets and rights are protected throughout the divorce process. Whether you’re dealing with high-value assets, commingled property, or difficult negotiations, we are here to help. Contact Baghdaserians Law Group, Inc today to schedule a consultation and take the first step toward securing your financial future.
