Qualified Asset Division Attorney in Redondo Beach, CA
One of the most important parts of a divorce is asset division. An asset division case can easily become stressful and complicated, and California’s asset division laws are generally quite clear. It’s vital that you know how your assets should legally be divided. A Redondo Beach asset division lawyer can help.
The Kramer & Zitser, LLP legal team is comprised of two senior attorneys with over 50 years of combined California family law experience. Our team understands how to help our clients through situations like the one you’re going through.
Asset Division in Redondo Beach, California
California is a community property state, which means that all marital property is intended to be divided evenly in a 50-50 split. However, it does not always work out in that manner. For example, if a couple has a prenuptial agreement or a spouse spent marital funds on an affair, these factors can have a serious impact amid an asset division case.
Asset division cases in Redondo Beach are handled at the Torrance Courthouse on Maple Avenue in Torrance. This court has jurisdiction over Redondo Beach family law and civil cases under the Los Angeles County Superior Court Southwest District. With 7.1% of men in California being divorced and 10.1% of women in California being divorced, family courts in California can be busy, especially when it comes to asset division.
A Redondo Beach asset division lawyer can help facilitate your case and provide the resources necessary to move your case through the system as quickly as possible.
Elements of a California Asset Division Case
Asset division in California hinges largely on community property laws. These laws define marital property and state that it is to be split equally between both spouses in divorce. Navigating asset division in a community property state requires a clear and concise knowledge of the process, careful documentation of your assets, and a thorough valuation of those assets. Hire an asset division lawyer to help you determine the right course for your situation.
Some common legal areas of asset division cases are listed below:
- Separate property. While marital property is considered community property and equally split in a divorce, the same cannot be said for separate property. Separate property is any property that is owned solely by one spouse and hasn’t been commingled with marital property.
This can include anything owned by either spouse before the marriage, gifts to one spouse, inheritances, personal injury settlements, and post-separation earnings. - Asset valuation. Before marital property can be divided, there must be full disclosure and awareness of all assets of both parties. In some asset division cases, especially high-asset cases, third-party professionals, such as a forensic accountant or appraiser, are brought in to answer questions and assist with valuing assets.
- Tax implications. Divorcing individuals should consider the long-term tax consequences of liquidating certain assets in a divorce. If you choose to liquidate stocks, divide a 401(k) account, or sell the family home, it could trigger significant tax penalties you may not have considered. Consult with an asset division lawyer before making any financial decisions amid divorce.
- Selling the home. It’s common for both partners to sell the home together in the event of divorce and split the proceeds evenly. Sometimes one partner can afford to buy out the other partner’s share by refinancing or through a balanced trade of other assets.
- Commingled assets. When separate property gets brought into a marriage and commingled with community property, it can be tricky to separate assets in a divorce case.
For example, if a marital home belonged solely to one spouse before marriage, the courts consider other contributions made towards that asset during the marriage, such as one spouse’s contribution to household duties or investments made in the house for repair or remodel when dividing such assets. - Full financial disclosure. When you get divorced in California, you are legally required to disclose all of your financial records. Both spouses must be totally transparent about their assets. If you attempt to hide assets, you could face not just a harsher divorce settlement but also legal penalties that could involve fines and even jail time for fraud.
FAQs
Which Assets Are Not Divided in a Divorce in California?
In a California divorce, assets considered to be separate property are not divided. Separate property includes any assets owned solely by one spouse before the marriage, as well as inheritances, personal injury settlements, gifts, and any funds accumulated by either partner after the date of legal separation. To protect these assets, there must be proof of their exclusion from community property.
Why Is Moving Out Considered a Big Mistake in a Divorce?
Moving out of the marital home is considered a big mistake in a divorce because it can severely weaken your case for child custody and can end up creating a financial trap you may not be able to escape from. It sets the precedent that the remaining spouse is the primary caregiver, and they can use that to claim rights to assets like the family home if the other spouse leaves.
Am I Responsible for My Spouse’s Credit Card Debt in a Divorce?
Yes, you are responsible for your spouse’s credit card debt in a divorce if the charges were made during the marriage. Since California is a community property state, all assets and debts are split 50-50 between both spouses, regardless of who made the credit card charges. If the judge determines that the credit card debt was squandered or used solely for one spouse’s benefit, they may make that spouse entirely responsible for the debt.
Does Infidelity Affect Asset Division in California?
Infidelity can affect asset division in California even though California is a no-fault divorce state. However, infidelity can only affect asset division if you can prove that your spouse used marital funds to finance an affair, was hiding assets, or was racking up hidden debt due to their infidelity. With proof, the court may adjust the division.
Hire an Asset Division Lawyer Who is Knowledgeable in California Asset Division Laws
Connect with a Redondo Beach asset division attorney for assistance if you have questions regarding your asset division case. An experienced asset division lawyer can guide you through your divorce and work with you to protect your assets. At Kramer & Zitser, LLP, we can provide you with the resources you need to do just that. Reach out to speak with a member of our team about your legal options.
