Asset Division Attorney In Glendale, CA
In a California divorce, one of the most difficult aspects is the division of marital assets and property. In Glendale, whether you own a large family home in Brockmont or are raising young children in Chevy Chase, understanding your rights during an asset division is essential. You need to finish a divorce with security in your financial future. Now is the time to hire a skilled Glendale asset division lawyer who will protect your rights.
About Kramer & Zitser, LLP
For over 25 years, the two senior Glendale divorce attorneys at Kramer & Zitser, LLP have been serving individuals across California with divorce-related legal issues. Dividing assets, especially when it comes to affluent and high-value couples, is complex, and it is crucial that you do not go into any negotiations or litigation alone. At Kramer & Zitser, LLP, our family law attorneys in Glendale know how the Los Angeles County Superior Court system works and can use this to your advantage.
Defining Property in a Glendale Divorce
In Glendale, 15% of the population has undergone divorce. While it can be encouraging to know you aren’t alone in this experience, undertaking the process of a marriage dissolution can still be complex and emotionally challenging.
The average property value of a home in Glendale is around $1.04 million. With so much at stake when it comes to marital assets, hiring a lawyer isn’t just a good idea. It is necessary to protect your share of marital property.
California law follows the idea of community property, meaning that in a divorce case, the state will work to divide your property into two separate categories. These categories include:
- Community property. This can include any forms of property that are shared between the couple or that have been acquired by either spouse during the marriage. Community property can also include any debts that have been acquired by either spouse during the marriage.
- Separate property. This kind of property is not subject to any kind of division during a divorce. It typically includes assets or debts that were accrued prior to the marriage, such as student loan debts or a vehicle. It can also include any assets that were given to one spouse before or during that marriage through an inheritance or gift.
In California, when a couple is not able to agree on how their marital property will be divided between them, they will need to look to a family court judge to make these decisions on their behalf. There are several assets that the judge will divide between the couple. These include:
- Business interests. If you and your spouse own a business or hold stakes in a company, this can affect asset division during divorce. Whether the business is family-owned or you hold stakes in a larger corporation, it is crucial to have these interests valued so that the division is fair and equitable.
- Stocks and bonds. If the couple seeking divorce owns a portfolio with large investments or has other financial securities, it can lead to conflict.
- Valuables. In Glendale, many married couples own highly valued collections. This can include fine art, jewelry, or classic cars. It is important that all collections undergo professional appraisal so that they can be fairly divided between the couple.
- Properties. If a couple owns real estate beyond the family home, there is an increased chance of conflict. It is crucial to have an attorney on your side who can protect your rights to these assets.
- Income. Individual incomes might not come into play in asset division, but they are important in the determination of child support. If each spouse’s income is substantially different, then this might result in child support payments.
FAQs
How Much Does It Cost to Hire a Property Division Lawyer?
The cost to hire a property division lawyer varies in California. This is because there are several factors that an attorney takes into account when determining their final fees. These factors include the duration of your case and its level of complexity, along with the skill and experience level of your attorney.
How Does a Business Valuation Work in an Asset Division?
Business valuation in an asset division works by examining the financial records of the business. When a business is owned by either spouse or both, it can add a level of complication to your property division. A divorce lawyer can look at all the financial records of your business, such as tax returns, profit and loss statements, invoices, and so forth, in order to ensure you get your fair share of the assets.
Do I Need to Hire a Property Division Lawyer?
You do not legally need to hire a property division lawyer to assist you throughout your case. However, having one on your side can make a big difference when it comes to the outcome of your case. Your lawyer is there to assist in reviewing all assets and assigning them a financial value, as well as ensuring your spouse is not hiding assets. Nearly 40% of couples admit to some kind of financial infidelity, like hiding assets.
What Is Commingled Property in a Divorce?
In a California divorce, commingled property is when a piece or type of property has characteristics of both separate property and community property. This can include cases where one spouse has used their inheritance to purchase a home but is using marital property to make mortgage payments. Comingled property can add a layer of complexity to any case, and a lawyer’s assistance is essential.
Hire an Asset Division Lawyer Today
If you are facing divorce in Glendale, it is crucial that you hire an asset division lawyer you can trust. At Kramer & Zitser, LLP, we want to be your legal guide and support system. If you have any questions regarding the division of your marital assets or are simply looking to hire a divorce lawyer to handle your case, we invite you to schedule a consultation with our attorneys and work with an experienced and qualified legal team who can protect your rights.
