Essentials to Consider When Dividing Assets in a Divorce
Whether the divorce is hostile or even if it is amicable, divorce will always present unique challenges. A significant issue separating couples routinely face is how their assets, properties, or debts will be divided once the divorce is finalized. When couples have to make these types of important decisions, they will require the qualified support of a knowledgeable family law attorney. If you are facing divorce, the reputable legal team at Milligan, Beswick, Levine & Knox, LLP can help you make an informed decision.
Milligan, Beswick, Levine & Knox, LLP understands that it can be difficult to categorize every single piece of property, especially when already dealing with a difficult divorce. With everything else going on, making important decisions regarding your future can be extremely difficult. Allow the attorneys at Milligan, Beswick, Levine & Knox, LLP to protect your rights and interests during this challenging time. Consider retaining the law firm to help you reach a fair solution in your case. You can arrange a consultation with Milligan, Beswick, Levine & Knox, LLP by completing the contact form found here.
Factors to Consider During Property Division in California
Every state in the nation has its own set of rules when it comes to divorce and property division. The State of California adheres to community property laws. Based on this, all assets, property, and debts the couple acquired while married will be equally split between the parties, even if only one person was earning an income during the marriage.
When it comes to equitable distribution, California courts will consider the following factors when deciding who will get to keep what:
- Differentiate Between Community Property and Separate Property
When dividing property, it is important to first determine whether the asset or debt can be considered communal or separate.
- Marital property refers to all assets and debts the couple acquired during the marriage.
- Separate property refers to the assets and debts the individual parties acquired before the marriage was begun. Gifts or inheritances may be considered separate property even if they were acquired during the marriage.
- Determine the Value of the Assets
When the divorcing parties cannot agree on the value of a shared asset, it is likely that the court will assign a value to the asset in question.
In the State of California, a divorcing person has the option to “buy out” his or her former spouse on an asset. Divorcing couples also have the option of selling their property or assets and splitting the money after, so long as the shares are equal in value.
- A Transmutation of Assets is Possible
The process of transmutation is possible in California and this means community property can change to separate property and vice versa. Transmutation can happen when:
- The divorcing spouses have agreed to it
- The property was gifted from one spouse to the other
- The property was jointly titled to the name of each individual
Retain Professional Legal Representation Right Away
In many respects, divorces can be very complicated. When it comes to the division of assets, property, and debts, the matter can become even more difficult and stressful to handle. If you are facing divorce, consult with a skilled family law attorney who can guide you through the difficult legal process.
The family law attorneys at Milligan, Beswick, Levine & Knox, LLP work tirelessly to ensure their clients achieve the best possible outcome in their divorce cases. The law firm takes a personal approach when representing their clients, ensuring specific challenges are addressed. By taking the time to listen to their clients, the attorneys at Milligan, Beswick, Levine & Knox, LLP ensure their clients find an agreeable solution to their case. When a mutual agreement cannot be reached, the law firm will do all that is possible to ensure their clients receive what is rightfully theirs. When facing a divorce, including property division, consider retaining the support of Milligan, Beswick, Levine & Knox, LLP today.
Stephen Levine, is a Board Certified Specialist in Criminal Defense — an honor achieved by only the top criminal law attorneys in California. Mr. Levine has over 40 years of experience in criminal defense and family law serving Southern California, and is a highly regarded Super Lawyer as well as AV Rated attorney.