Asset Division Attorney In Malibu, CA
When married couples get divorced, state law determines how their assets and debts are distributed. California is one of the few community property states, which means any property acquired during the marriage belongs equally to both spouses, so it is thus subject to equal division. If you want to make sure this process goes fairly and equitably, hire a Malibu asset division lawyer who can carefully manage it.
Trust Kramer & Zitser, LLP
Kramer & Zitser, LLP, are senior attorneys with over 50 years of combined experience in family law. Our team also has extensive experience with asset division cases and an in-depth knowledge of asset division laws. We’ve worked with clients ranging from average Californians to high-net-worth individuals. We can make sure the asset division process goes smoothly and that our clients’ rights are protected throughout it. Our Malibu divorce attorneys can represent you, too.
Why Hire an Asset Division Lawyer?
Malibu is the fourth-wealthiest city in California by median family income. The median household income is $192,159, and the average property value is $2 million as of 2023. In short, there are many high-net-worth individuals in the city, and wealthy people tend to go through contentious divorces. Most divorce cases that go to court in Malibu will be processed at the Los Angeles Superior Court. If you’re worried about how your net worth could suffer during the dissolution of your marriage, it’s time to hire an asset division lawyer.
A Malibu asset division attorney can prevent your separate property from being touched during the divorce proceedings. They can also make sure your community property gets divided equally in a fair and equitable way. Having a skilled property division lawyer on your side can be crucial for protecting your interests in each aspect of your case. We can handle everything from filling out paperwork to negotiating on your behalf during settlement negotiations.
California Is a Community Property State
Most states are equitable distribution states, meaning that, during a divorce, the court divides marital property according to what’s fair. California is one of the rare exceptions. It’s a community property state, which means that all assets and debts are shared between the married couple and must thus be divided equally.
In a state that has equitable distribution laws in place, a partner’s credit card debt will most likely remain their separate property and be assigned to them during a legal separation. In a community property state, that debt becomes the property of both spouses.
California’s community property laws divide all assets and debts 50/50 unless:
- There is a prenuptial agreement in place.
- The couple decides collectively to divide marital assets in a different way.
What’s Considered Property in California?
California considers property to be any tangible or intangible item of value. A car is property, as is a home. However, bank accounts, pension plans, and loans are also property, despite being intangible. Most property obtained during the marriage becomes community property, but there are a few exceptions. Gifts, inheritances, and personal injury settlements are all considered separate property unless they were commingled with community assets.
Understanding the Transmutation of Property
Separate property gets changed, or transmuted, into community property when the spouses agree to alter the status of their currently held properties. The same rules also apply in the other direction. Spouses can transmute community property into separate property. The most common example of transmutation is the conversion of real estate, such as personal homes purchased before a relationship, from separate property into community property after the couple marries.
It’s rare for property to be transmuted from community into separate property, but it does happen. There should be a written agreement in place stipulating that an asset or debt has become the separate property of one spouse. A lawyer can draft such an agreement.
FAQs
How Much Is an Asset Division Attorney?
How much an asset division attorney costs depends on factors such as the complexity of the case and the attorney’s location. One key factor is whether one or both parties are contesting the division of assets proposed by the other. If your case needs to go to court instead of being settled in mediation, that can substantially increase the cost of hiring a Malibu asset division attorney.
What Is an Asset Division Lawyer?
An asset division lawyer is a type of family law attorney in Malibu who assists clients with the portioning out of marital property following a divorce. In most cases, couples come to an agreement on their own about how assets are to be divided. However, in high-net-worth asset division cases, where there is a lot at stake, going to court may be the only way to come to an agreement. Your asset division lawyer can provide representation in negotiations and at trial.
How Can You Protect Assets During a Divorce?
You can protect assets during a divorce by hiring an asset division attorney. Make sure you tell your lawyer about all the property you own, including both assets and debts, so they can know how to protect your interests. California generally splits marital property equally, but there are exceptions. You need a lawyer on your side to navigate the process of fairly dividing assets.
Is California a Community Property State?
California is a community property state, which means that marital property gets divided equally following a divorce. That doesn’t necessarily mean an even 50/50 split, as some assets cannot be divided equally. Some couples also agree on a different division of assets during their divorce agreement negotiations. If you want to leave the proceedings in a good position, trust an asset division lawyer to advocate for you.
Your Malibu Asset Division Lawyer
Asset division is one of the most contentious aspects of getting divorced, especially in marriages between high-net-worth couples. No matter how much money or property is involved, you need a Malibu asset division lawyer who can fight aggressively for your rights. The team at Kramer & Zitser, LLP, has the experience required to achieve an optimal outcome for your property division case. Contact us to schedule an initial consultation.
