Asset Division Attorneys In Beverly Hills, CA
Some of the most complicated issues in a divorce involve the division of assets. California’s community property system plays a significant role in determining how assets are divided. A Beverly Hills asset division lawyer can help you work through the legal system and achieve a fair outcome.
Kramer & Zitser, LLP, offers over 50 years of combined experience from two senior divorce attorneys in Beverly Hills. Each has a demonstrated track record of results for high-profile clients while providing compassionate guidance through what is likely a difficult time. We have served clients in the Beverly Hills community and surrounding areas in situations similar to yours and are ready to advocate for you, too.
California’s Community Property Laws
It is estimated that there are roughly 208,000 marriages each year in California. The divorce rate in California in 2023 was 7.45%. Only nine states follow community property laws when dividing assets in a divorce, and California is one of them. Under Family Code Section 760, community property is all property, real or personal, acquired by a married person during the marriage unless otherwise provided by statute.
Anything purchased with funds accumulated after the marriage is considered community property and can be divided in a divorce. Community property is divided equitably, meaning it is split 50/50. It includes all assets and debts, including property acquired in another state that would have been considered community property in California.
Community Property vs. Separate Property
Family Code Section 770 defines separate property. Separate property is property that was owned or purchased before the marriage took place. A gift received by one spouse and inherited property, even if it was inherited after the marriage, is considered separate property and can be kept by the spouse after a divorce.
Determining Marital Property
High-net-worth divorces often involve a wide range of finances and personal property. They may include:
- Several real estate properties, such as the primary home, vacation homes, and rentals
- Investment accounts such as stocks and retirement funds
- Insurance policies and proceeds
- Business ownerships
- Luxury vehicles
- Artwork
- Valuable collectibles
- Intellectual property, such as creative works and trademarks
One of the more difficult issues in dividing property between divorcing parties is identifying separate and community property when they are commingled. Comingling is separate property with at least one community property component. This gives the non-owning spouse some interest in the asset.
A common comingling scenario is when one spouse brings real property to the marriage, such as a house, but pays the mortgage with community property money. In this case, your attorney may use a calculation rule to determine your share.
Steps in the Asset Division Process
California law provides that community property is divided fairly and equitably, but it doesn’t require equal division. Some of the important steps in the process of property division include:
- Identifying assets and debts
- Valuation of property
- Negotiation or litigation
- Finalizing asset division
Part of the first step in your asset division case is not only identifying the assets and debts, but also determining what is considered community property and what is separate property. California Family Code § 2552 requires the valuation of the assets and liabilities as near as possible to the time of the trial. If assets are difficult to value or change significantly, the court may use a different valuation date if it results in a more equitable division.
Why Hire an Asset Division Lawyer
When you are considering divorce in Beverly Hills, it is often necessary to hire an asset division lawyer. An experienced attorney can help you navigate the process while keeping it legally sound and reducing stress. Your attorney can:
- Provide legal advice about divorce laws
- Help accurately value your assets
- Advocate for equitable division of assets
- Handle complex financial situations such as business ownership and multiple properties
- Negotiate on your behalf to reach a settlement
An asset division attorney is critical in seeing that all marital assets are correctly identified, valued, and fairly divided. They can help clarify California’s community property laws and prevent costly financial errors. Most divorce matters are handled in the Superior Court of Los Angeles.
FAQs
How Are Marital Assets Divided in Divorce Cases in Beverly Hills?
Marital assets in Beverly Hills are considered community property and are divided equally between the spouses. All assets and debts acquired after the date of the marriage are considered community property and are subject to a 50/50 division. This includes vehicles, bank accounts, homes, retirement plans, and stocks. The high net worth of many assets in Beverly Hills divorces can lead to litigation.
When Should I Hire a Beverly Hills Asset Division Lawyer During a Divorce?
You should hire a Beverly Hills asset division attorney as soon as you are thinking about a divorce. California’s complex asset division laws make early representation and legal guidance critical when you want to protect your separate property and your financial future while achieving fair and equitable distribution of your marital assets.
What Is the Moore-Marsden Rule in California?
The Moore-Marsden rule in California is a calculation used to make sure that both spouses receive an accurate share of the value of their home. It is based on the financial contributions and on any appreciation in the house during their marriage. The Moore-Marsden calculation can be complex, making it necessary to have an experienced attorney help with the process.
How Can an Asset Division Lawyer Help Protect Separate Property and Complex Investments?
An asset division lawyer can help protect separate property and complex investments by tracing assets to determine their source and using forensic accountants to determine their value. An attorney can use strategies to untangle comingled property and challenge any changes from separate to community property. Your attorney can also manage the division of real estate holdings, pension plans, and retirement plans to minimize the tax consequences.
Contact an Asset Division Lawyer
Dividing assets during a divorce can be complicated and time-consuming. An experienced family law attorney in Beverly Hills can provide invaluable assistance during this difficult time. Contact Kramer & Zitser, LLP to discuss your case and possible strategies that can help lead to a positive outcome.
