Asset Division Attorney In Brentwood, CA
Determining asset division is one of the most important steps during divorce proceedings. Poorly divided assets can leave you with financial instability and emotional distress during this transition. A Brentwood asset division lawyer can help create fair property division plans that are tailored to your case and adhere to California’s asset division laws.
Why Choose Kramer & Zitser, LLP?
With over 50 years of combined experience, the skilled Brentwood family law attorneys at Kramer & Zitser, LLP, have helped countless families through the asset division process. Whether you are overwhelmed by creating an asset division plan that includes all of your assets or are facing conflicts with your spouse, we can make this process easier through strategic analysis and compassionate conflict resolution strategies.
How Does Asset Division Work in California?
Creating a plan for dividing assets fairly involves balancing financial value, emotional connection, and individual circumstances. In Brentwood, 6% of men and 9% of women are divorced. Each divorce case involves unique financial information and personal goals. A Brentwood asset division attorney can help you identify the right way to divide assets by explaining various options and facilitating communication and negotiation.
In California, whether or not assets are divided mainly depends on whether they were acquired before or after you were married. The two main types of property in an asset division case are:
- Community property. Community property is assets acquired during the marriage, and are typically split evenly during a divorce. For example, income, the marital home, or retirement accounts can be community property if they were gained during the marriage.
- Separate property. Separate property is assets acquired before the marriage or were given to one spouse specifically. For example, investments from before the marriage, inheritances, or personal gifts.
Types of Assets That Must Be Considered During Divorce Proceedings
It can be stressful seeing how many individual assets must be evaluated and considered when developing an asset division plan. Some assets that must be included are:
- Real estate. The marital home, vacation homes, rental properties, and other real estate can be some of the most significant assets to consider. Real estate has a large financial impact, with the median sale price in Brentwood being $723,000, with prices even higher in neighborhoods such as Mandeville Canyon or Brentwood Park.
- Businesses. The business division is one of the most critical decisions to protect its future success. If you hire an asset division lawyer, they can help you explore options such as a buyout, selling the business, and splitting the profits.
- Investments. Stocks, bonds, and other investments can be difficult to evaluate, especially when they were first acquired before the marriage but contributed to the marital assets. A lawyer can identify ownership to determine the value of separate versus community property, factoring in growth over time.
- Retirement accounts. Fairly dividing retirement accounts, such as pensions, IRAs, and 401(k)s, is essential for future financial security. Even retirement accounts earned through one person’s career can be subject to division during a divorce.
- Personal valuables. Vehicles, jewelry, art, designer items, and other valuables have both financial and emotional value. A lawyer can facilitate negotiations to determine how to divide these items.
Why You Should Hire an Asset Division Lawyer
An asset division lawyer in Brentwood can help you and your spouse settle any asset division conflicts through negotiation and provide potential solutions. Potential conflicts include a spouse unwilling to communicate, disagreements over the value or ownership of assets, or hidden assets. Forty-five percent of Americans report not knowing everything about their partner’s finances, which can cause conflicts when trying to divide property.
Even if you are not experiencing any conflicts, a lawyer can make the asset division process smooth and fair. They can value various types of assets, which is essential for high-value assets or for assessing appreciation. A lawyer can also accurately determine whether an asset is community or separate property, and can identify ways to transfer high-value assets with minimized tax burdens.
FAQs
What Assets Cannot Be Split in a Divorce in California?
Generally, assets that are determined to be separate property cannot be split in a California divorce. Separate property involves assets that were obtained before marriage or were specifically given to one spouse. However, there may be some situations in which separate property is divided, such as if the assets were commingled with marital property or if division of the asset was outlined in a prenuptial agreement.
Are Assets Always Split 50/50 in a Divorce?
No, while a 50/50 split of assets is standard, there are many reasons there may be an unequal split in an asset division case. One spouse may have more separate property, such as inheritances or pre-marital assets, which are kept separate during a divorce. A prenuptial agreement, where a couple agrees on how property will be divided in the case of a divorce, can also lead to assets not being divided evenly.
How Long Do You Have to Be Married to Get Half of Everything in California?
In California, there is no minimum length of a marriage until you are entitled to half of the marital assets. Asset division laws generally require couples to divide assets acquired during the marriage 50/50. This rule applies no matter how long you were married. However, the length of the marriage may impact spousal support benefits, another key financial consideration during a divorce.
How Does Having a Prenup Impact Asset Division?
A prenuptial agreement, or prenup, can affect how assets are divided by providing detailed instructions on asset division. Couples agree to the terms of the prenup before marriage, which goes into effect in the case of a divorce. A prenup may outline who will have ownership of certain assets, such as the home, or could include that certain assets are kept separate and will not be divided.
Reach Out to a Brentwood Asset Division Attorney Today
Dividing property can have lasting impacts on your lifestyle and finances. At Kramer & Zitser, LLP, we can protect your future stability by developing a fair plan for property division and resolving any conflicts through the division process. Contact us to learn how experienced legal guidance can make this life-changing transition easier.
