Asset Division Attorney In Bel Air, CA
A divorce typically involves the division of property, which includes dividing most of the assets and debts a couple acquired during their marriage. How property is divided depends on whether couples reach an agreement outside of court or must litigate their divorce and division of property. When you work with a Bel Air asset division lawyer, they can help you manage this and protect your rights. An attorney’s resources are invaluable.
Working With Kramer & Zitser, LLP For Your Division of Property
The Bel Air family lawyers at Kramer & Zitser, LLP are led by two senior attorneys and bring decades of experience across our team. We understand the financial strain that a divorce can bring, and we work to help you protect your financial interests. Our firm has extensive experience in providing exemplary and discreet legal support in divorces, navigating complex assets, high-value properties, and other unique aspects of property division.
A divorce case in Bel Air may be filed with a family court in the Central Judicial District or the West Judicial District. The Santa Monica Courthouse, located in the West Judicial District, is the closest family law court to Bel Air, situated at 1725 Main Street. There are two family law courthouses in Los Angeles that handle family law cases: the Metropolitan Courthouse and the Stanley Mosk Courthouse.
Property Division and Divorce
While few people expect to get a divorce, it can be necessary for your own well-being and the happiness of your entire family. The divorce rate in California was 5.9 per 1,000 women who were 15 and older. This was lower than the U.S.’s rate of 7.1 per 1,000, but the California marriage rate was also lower than the national rate. Even when a divorce is the right step, it remains a complex process, and property division is one of the most complicated aspects of that.
The median household income in Los Angeles County was $86,587 based on 2023 U.S. Census Bureau estimates. In comparison, the median income for married-couple families was $122,287 in the county. When couples get a divorce, protecting assets like income is essential.
Property division in a divorce can be even more complicated when parties have complex assets with high values. It’s important to understand the options for dividing assets and protecting your own wealth.
How Is Property Divided in Bel Air?
California is a community property state. This means that the property divided in a divorce is divided equally if the court decides on division. Property is either separate or marital, and only marital property is divided in the divorce.
- Separate property is assets and debts that you or your spouse gained separately, either before marriage or after separation, and any inheritance or gifts given only to one of you.
- Marital, or community, property is the assets and debts that you and your spouse gained over the course of your marriage, starting from the day you were married and ending on the day of your separation.
Separate property is not divided in a divorce, but both spouses have an equal claim to marital property. Proper valuation of property is crucial because the value of assets plays a big role in the fair and equal division of assets between spouses.
Reaching an Agreement Outside of Court
Spouses can reach an agreement on how to divide their marital assets outside of court, but this agreement still requires court approval. When you hire an asset division lawyer, they can help spouses mediate or negotiate this agreement, and also provide advice on whether the court is likely to approve a potential agreement. The court will likely approve an agreement if it is fair to both spouses.
If spouses can’t agree on how to divide their marital assets and debts, the court will decide on the equal distribution. While this doesn’t mean all assets will be split down the middle, the court will try to give each spouse their equally valued share. When couples make an agreement outside of court, they have much more control over which assets they retain.
FAQs
Q: How Much Is an Asset Division Attorney?
A: The cost of an asset division attorney will depend on the attorney, their location, their experience, and the complexity of your asset division. The average cost of a family law attorney in California is $368 an hour, but this cost can vary significantly.
If you have complex or high-value assets, the valuation and division of property can take significantly longer, resulting in increased costs. However, it is beneficial to work with an attorney, as it can protect your financial future.
Q: What Assets Cannot Be Split in a Divorce in California?
A: Separate property cannot be split in a divorce in California. Separate assets and debts are those that a spouse obtained prior to the marriage or after the separation. Separate property also includes any gifts or inheritance given only to that spouse, even if it was given during the marriage. These assets are not subject to division in a divorce. However, when a couple has a prenuptial agreement, it can alter what assets are considered separate or marital.
Q: Can You Divide Assets in a Divorce Without a Lawyer?
A: Yes, it is possible to divide assets and debts in a divorce without a lawyer, but it is not advised. A Bel Air divorce attorney helps you protect your financial interests, ensuring you do not receive less than your fair share of marital property. If you and your spouse are negotiating a division of property agreement, an attorney can help ensure the agreement will be approved by the court. An attorney helps with the valuation and categorization of assets, saving time.
Q: Are Assets Always Divided Equally in a California Divorce?
A: If property is divided by the court in California, then marital assets are always divided equally. However, couples can divide their assets outside of court in their marital agreement. As long as the court determines it is fair, the agreement is likely to be approved. Assets may also be divided differently if you have an existing and valid prenuptial agreement.
This agreement outlines the rights each spouse has to property during their marriage and in the event of separation.
Secure Exceptional Legal Counsel in Bel Air Today
The division of property can be incredibly contentious because both spouses have a significant stake in the outcome. At Kramer & Zitser, LLP, we fight for your interests. Our experienced lawyers know how to navigate the division of assets, from ensuring accurate valuation to negotiating a fair division. Contact us today.
