Asset Division Attorney In Inglewood, CA
When you are facing a divorce in Inglewood, figuring out how to divide assets can be one of the most challenging aspects of the process. For this reason, seeking help from a knowledgeable Inglewood asset division lawyer can alleviate significant stress. When you work with the team at Kramer & Zitser, LLP, you can trust that we can provide you with the knowledge, support, and representation you need to move forward with confidence.
How the Asset Division Attorneys at Kramer & Zitser, LLP, Can Help
With over 50 years of combined legal experience, the devoted attorneys at Kramer & Zitser, LLP, know how to protect your interests during the property division process. Our senior attorneys have spent decades navigating complex family law cases, including divorces and property division disputes. We leverage our experience, legal knowledge, and insight into local courts and judges to advocate for our clients and their interests.
In addition to helping you navigate complex asset division laws and understanding your rights, our Inglewood asset division attorneys can also represent you both in and out of the courtroom. We can negotiate on your behalf during proceedings and represent you in court if litigation becomes necessary. Most Inglewood family law cases are handled through the Los Angeles Superior Court at the Inglewood Courthouse, where our Inglewood family lawyers have years of experience.
What Is the Asset Division Process in Inglewood?
Asset division in Inglewood is the legal process of identifying, valuing, and distributing a married couple’s shared property and debts during a divorce or separation. This process distinguishes marital property from separate property and identifies all communal assets that must be split equally. Assets are typically divided either through a mutual settlement agreement or via a court order based on community property laws.
In the fiscal year of 2022, more than 114,000 family law cases regarding marriage issues and divorces were filed in California. Because every divorce must address the division of assets, even when there is little property involved, it’s crucial that you work with a lawyer who can protect your interests.
Common Marital Assets Divided in Inglewood
All assets that a couple in Inglewood collects during their marriage are known as communal, or marital, property. This property must be divided equally if the couple divorces, and it can also include debts that were accrued. Common pieces of marital property that must be divided during a divorce or separation in Inglewood include:
- The family home
- Vacation homes and other real estate holdings
- Shared businesses or business interests
- Furniture, art, or jewelry
- Retirement accounts
- Debts
- Cars, boats, and other vehicles
- Stocks and other financial investments
For complex estates or estates of high value, it is especially important to consult a family law attorney to ensure the proper valuation and division of your assets. At Kramer & Zitser, LLP, we understand how important it is to value and divide your assets properly, which is why we use our legal experience and work with professionals to prove the true worth of your belongings. When you contact our knowledgeable team, we can work to accurately value all of your assets.
Community Property Vs. Separate Property in Asset Division
In California, a community property state, assets and debts collected during a couple’s marriage are considered to be jointly owned and referred to as communal property. The state’s laws require all communal property to be divided 50/50, or as equally as possible, if a couple decides to end their marriage. While all communal property is subject to division, separate property in an Inglewood divorce cannot be divided.
Separate property in Inglewood is considered to be any property that one spouse owned before the marriage. It may also include assets that were gifted to one spouse or inherited by one spouse during their marriage. Unless separate property has commingled, your spouse cannot request that it be divided during your divorce.
With commingling, separate and community assets become mixed, making it difficult to identify separate property when splitting assets. If your separate property has been commingled, you should consult a skilled lawyer who can help you prove sole ownership of your assets.
Why Should I Hire an Asset Division Lawyer in Inglewood?
A skilled asset division attorney in Inglewood can protect your financial future, ensure fair distribution of property, identify hidden assets, and handle the complex valuation of assets such as businesses and pensions. When you hire an asset division lawyer from Kramer & Zitser, LLP, you can benefit from our decades of legal knowledge, insight into local court procedures, and extensive legal resources. Don’t wait to see how we can help you with asset division today.
FAQs
Can Separate Property Become Marital Property in California?
In some cases, separate property in California can become community property through transmutation or commingling. Transmutation involves a formal, written agreement where spouses recognize that separate property will now be categorized as communal. Commingling, however, occurs when separate property is slowly or unknowingly mixed with communal property, making it difficult to determine full ownership.
How Long Do You Have to Be Married in California to Split Assets Equally?
In California, community property laws give spouses the right to 50% of their marital property, regardless of how long a marriage lasted. This simply means that shorter marriages may have fewer assets to divide than long-lasting marriages that spent years collecting assets and debts. To better understand your rights to communal property during a divorce, you should consult a skilled asset division lawyer in Inglewood.
Are Assets Always Split 50/50 in a California Divorce?
In California, community property acquired during the marriage is generally divided 50/50, but it is not always split exactly in half. While California is a community property state, exceptions to the 50/50 rule include prenuptial agreements, separate property, or negotiated settlements where couples agree to different divisions. In situations where spouses cannot agree on division, judges will enforce the 50/50 rule on all identified community property.
What Happens to the Marital Home During Asset Division in an Inglewood Divorce?
Because California is a community property state, the marital home is typically divided 50/50. To do so, the court may require the spouses to sell the home and split the proceeds or have one spouse buy out the other spouse’s share. Homes acquired during marriage are community property, while those owned before, inherited, or gifted are separate.
Schedule Your Consultation Today
When you need an Inglewood asset division lawyer to handle your asset division case, the attorneys at Kramer & Zitser, LLP, have more than five decades of combined experience to apply to your situation. Although dividing assets can come with challenges, you do not have to do it alone. Contact us to schedule your initial consultation today.
