Asset Division Attorney In Hermosa Beach, CA
Divorce is a complex and often life-altering event that impacts a significant number of people in California. While some couples may be anxious to sign a divorce decree and move forward, many factors must be considered. Asset division is one of those factors and can be a cause for much contention during divorce proceedings. Fortunately, a qualified Hermosa Beach asset division lawyer can make the process smoother and fair for all involved.
When considering the lawyer who can help you with your divorce, it is important to find one who is knowledgeable, experienced, and versatile. At Kramer & Zitser, LLP, our Hermosa Beach family law attorneys can offer both amicable solutions and fierce advocacy, and we have over 50 years of combined experience to back this up.
Asset Division Laws in California
Asset division can be a touchy concept, especially for high-asset clients with considerable property at stake. In Hermosa Beach, where the median household income is $166,442, and the median housing value is over $2 million, couples are likely interested in protecting their property and making sure that they are treated fairly in the divorce process.
California operates under community property laws for asset division, meaning assets are divided 50/50 instead of equitably upon divorce under California Family Code 2550. Your Hermosa Beach asset division attorney can help you determine whether your property is community property or separate property, so there is no confusion. However, a summary of the difference between the two is below:
- Community property. Community property is any property earned or owned during the marriage. This includes property purchased by the couple, money earned while married, joint bank accounts, retirement accounts, and other assets earned while married.
- Separate property. Separate property is any property earned or owned either before the marriage or after the date of separation. This may include property purchased before the marriage, gifts and inheritances, and property purchased with money earned before the marriage.
Factors to Consider for Asset Division
Just as each divorce is unique, each asset division case is also unique and requires patience and careful consideration for a fair outcome. While assets are divided equally in California, couples have input and can decide how the assets are divided. However, a forensic accountant is often required to appraise each asset, which is crucial for determining how they are split. Below is a list of assets that may be subject to division upon divorce:
- Bank accounts
- Cash
- Real estate
- Property, such as cars, jewelry, etc.
- Retirement accounts
- Stocks and bonds
- Businesses
- Debts accrued during the marriage
While asset division laws in Hermosa Beach reflect state laws, it is important to consider that many of these cases involve considerable wealth. For example, dividing a business or home owned on the booming Aviation Boulevard may be higher stakes than in other areas of LA County.
Changes to Asset Division Agreement
In the optimal scenario, both parties agree on how their assets are divided, and the court makes a fair decision. However, couples may need to make changes to the asset division agreement because of new information, newly discovered assets, or hidden assets. In California, the statute of limitations for amending a divorce decree is three years from the date of legal divorce.
When to Hire an Asset Division Lawyer
While California has a lower divorce rate than the national average at 5.9%, couples who are going through the process often rely on a lawyer to guide them. Whether you plan to settle your affairs outside of court or settle the divorce in court, you may want to hire an asset division lawyer.
A credible and reliable asset division lawyer carefully listens to their clients’ needs, ascertains their goals, and accurately categorizes their assets by community property and separate property. Miscategorizing property as community property can be costly and create more tension in the divorce process than necessary. It is also unfair to the party who may be required to relinquish more assets than necessary after divorce.
FAQs
How Does California’s Strict Community Property Law Dictate the Division of Assets and Debts During a Hermosa Beach Divorce?
California’s strict community property law dictates the division of assets and debts during a Hermosa Beach divorce by requiring assets to be split equally, or 50/50, between both parties. Community property is property owned, earned, or owed during the marriage. This could be bank accounts, real estate, a joint business, or property like cars, furniture, jewelry, etc.
If I Purchased a Home in Hermosa Beach Before We Got Married, Is It Completely Protected as Separate Property?
If you purchased a home in Hermosa Beach before you got married, it may be completely protected as separate property. Typically, assets earned before marriage, including property purchased before marriage, are considered separate property and not subject to asset division. However, the court makes the final decision, so you should check with your Hermosa Beach asset division attorney to determine if the property is actually separate.
How Do Los Angeles County Family Courts Handle the Valuation and Division of Complex Financial Portfolios, Including Business Interests, Stock Options (RSUs), and Pensions?
Los Angeles County family courts handle the valuation and division of complex financial portfolios similar to any other assets. These assets are still split 50/50; however, they may require more scrutiny, valuation, and may be investigated for hidden assets. With higher assets, more is at stake, so the court considers this.
What Legal Steps Can an Asset Division Attorney Take if I Suspect My Spouse Is Hiding Funds in Offshore Accounts?
If you suspect your spouse is hiding funds in offshore accounts, your asset division attorney can take several legal steps to support you. First, financial nondisclosure is a serious offense in California under California Family Code Chapter 9, 2014, and can be met with monetary and legal consequences. For example, the judge may order one spouse to receive 100% of the hidden assets instead of 50% of them.
Contact Kramer & Zitser, LLP, Today
If you are going through a divorce, whether contentious or not, you may feel overwhelmed and concerned over how your assets will be divided. This is a valid concern, especially if you are an affluent couple. Our lawyers at Kramer & Zitser, LLP, are seasoned family lawyers with a shared goal of achieving optimal outcomes for our clients. Do not leave your hard-earned assets to chance; instead, contact us today for a consultation.
