Reliable Asset Division Attorney In Rancho Palos Verdes, CA
Dividing property during a divorce can quickly become complicated. This is usually due to the complexity of determining ownership and finding the right division strategy. Decisions made during this process can have long-term effects on your financial future, making it important to work with a Rancho Palos Verdes asset division lawyer during your case. They can build a strategy that protects your interests while remaining equitable.
Why Choose Kramer & Zitser, LLP?
With over 50 years of combined experience, our two senior attorneys, Brian Kramer and Diana Zitser, have handled countless property division matters for divorcing couples. Our team has a deep understanding of California’s asset division laws. We can focus on building a personalized division strategy that addresses the goals and concerns you have.
The Importance of Accuracy During the Asset Division Process
Asset division is so impactful for your future financial stability, whether by determining where you live, your standard of living, or your retirement plan. Even small financial errors can have huge effects on your future.
Even before a plan is made to divide the assets, there must be an accurate, up-to-date valuation of your assets. Your lawyer can calculate the current value of your assets and debts. This is especially critical for assets that increase or decrease in value, such as debts, real estate, and investment portfolios.
Community property laws generally require marital property and debts to be divided equally between both spouses. However, this is far from easy to actually accomplish. Finding a division strategy that preserves this balance while remaining satisfactory for both parties can be challenging. If you work with a Rancho Palos Verdes asset division lawyer, they can explain various division options and help you and your spouse negotiate a favorable plan.
Types of Assets Often Involved in Asset Division Cases
Every divorce involves different financial circumstances, and some assets are significantly more complex than others. In Rancho Palos Verdes, the lawyers at Kramer & Zitser, LLP, frequently help divorcing couples manage high-value investment properties or complex investment portfolios.
Some of the most common assets that are divided during asset division cases include:
- Real estate. The average home in Rancho Palos Verdes is $1,839,441, and it can be even higher in neighborhoods such as Vantage Point or Oceanfront Estates. Often, real estate, such as the marital home, rental properties, or commercial properties, is the most financially significant asset in a divorce.
- Financial accounts. Assets held in checking and savings accounts, investment portfolios, and brokerage accounts are also divided. Often, these assets are totaled and divided. However, there are other options, such as if spouses wish to offset the value of these accounts with other assets.
- Retirement accounts. Considering how retirement accounts, such as pensions, 401(k)s, and IRAs, will be divided can have a huge impact on your retirement strategy. This is especially important for older adults to consider, as they will soon need to draw from these accounts. 56% of married Americans report that a divorce would derail their retirement plans.
- Business interests. Business assets are complex because they are difficult to value, and they typically have the potential to generate future income. However, many business owners face this issue, as almost one in three entrepreneurs will divorce.
- Personal property. The value of personal belongings, such as vehicles, jewelry, collectibles, or luxury items, must also be considered. Often, these are difficult to divide, as they carry emotional ties as well as financial value.
- Debts. Mortgages, credit card debt, and business liabilities are just some of the debts and liabilities that may need to be divided. This must be done carefully to avoid undue financial stress on one spouse.
Why You Should Hire an Asset Division Lawyer
Without proper legal guidance, you may risk agreeing to an unfair settlement or overlooking important financial details that could affect your future stability. A Rancho Palos Verdes asset division attorney can create a thorough asset division strategy that aligns with California’s asset division laws, such as the rule mandating a 50/50 community property split.
FAQs
Which Assets Are Untouchable During a Divorce in California?
In California, separate property, such as assets that were acquired before you were married, a personal gift from a third party, or part of an inheritance, is typically untouchable. However, assets that are decided in a prenuptial or postnuptial agreement to avoid division are also untouchable. If you are unsure whether an asset is divided or not, you should speak with a Rancho Palos Verdes asset division lawyer.
How Can Separate Property Become Community Property?
Even if an asset begins as separate property, there are several ways it may become community property. One would be if separate funds were comingled with marital assets, such as depositing an inheritance into a joint bank account. If the title was changed to be in both spouses’ names, it also becomes community property. Another common reason for this change is if the separate property was used for marital purposes, such as using it to buy a marital home.
Can a Spouse Get Half of a Retirement Account in a Divorce?
Yes, it is possible for a spouse to get half of your retirement accounts during a divorce. Retirement accounts, including IRAs, 401(k)s, and pensions, are marital property, making them subject to division. However, you might keep part of your retirement account as separate property if you made contributions before you were married.
Can Your Spouse Get the Marital Home If You Owned It Before Marriage?
Yes, it is possible for a spouse to get the marital home, even if you owned it before marriage, though this is rare. The home may have begun as separate property, but it could have become partly or completely community property by:
- Transferring the title
- Contributing to the home or mortgage payments with community property
If you hire an asset division lawyer, they can explain what claim to the marital home your spouse has.
Reach Out to a Rancho Palos Verdes, CA Asset Division Attorney
Asset division can be overwhelming, with a seemingly endless list of assets and an infinite number of division methods you can use. Contact Kramer & Zitser, LLP, to speak with a lawyer who can simplify this process while still formulating a plan that reflects your unique financial needs.
