Asset Division Attorneys In Riverside, CA
When going through a divorce, the emotional toll can be great. It’s unsettling for people to think about how their financial and personal future will be affected by the outcome of their case. Asset division is often the first step for many divorces, and it can be one of the most overwhelming aspects. Having an experienced Riverside asset division lawyer by your side can be crucial for your financial future.
Why Choose Us?
The attorneys at Kramer & Zitser, LLP, have over 50 years of combined legal experience. Our firm was founded by two senior attorneys. We focus solely on family law matters, so we understand the complexities that accompany these types of cases.
When you choose us, you’ll be working with empathetic lawyers who want to protect your rights while keeping your needs at the forefront.
Community Property vs. Separate Property
A divorce or legal separation can be one of the most difficult times in a person’s life. In California, when a couple gets divorced, any property they acquired together during the marriage is generally assumed to be community property. This includes:
- The marital home
- Other real estate
- Bank accounts
- Retirement accounts
- Investments
- Debts
- Personal belongings
- Income
However, this assumption can be challenged if there is clear proof that the property was intended to be separate. Separate property is any property acquired before the marriage, such as income or inheritance.
Separate property is generally not divided by the court unless it becomes mixed with community property. For example, if you used income earned during the marriage to make improvements on a home bought before the marriage, it becomes commingled and subject to division. Asset division cases are typically overseen by the Riverside Family Law Courthouse, located at 4175 Main Street.
California’s Asset Division Laws
With 11% of women and 8% of men in Riverside County being divorced as of 2023, asset division is common for many residents. In a divorce or legal separation, the court will generally divide property acquired during the marriage equally between the spouses unless the couple has:
- A prenuptial or postnuptial agreement
- A written agreement, such as one decided during mediation
- An oral agreement in court
If spouses cannot agree on dividing property worth $50,000 or less, the court can submit the matter to arbitration to decide the value, character, and division of the property. The court may also do this whenever the parties cannot reach an agreement.
The Importance of Alternative Dispute Resolution (ADR)
There are several forms of alternative dispute resolution (ADR), which is a way to resolve legal matters outside a traditional court. One is arbitration. Instead of a court deciding the case, the couple presents their arguments and evidence to a neutral third party, called an arbitrator, who then decides the matter. Arbitration is generally faster and less formal than going to court. It is also private, something that many couples find desirable.
Another common type of ADR is mediation, which can be voluntary or court-ordered. A neutral third party, called a mediator, facilitates healthy communication between the parties to resolve legal issues.
They don’t make a legal decision. Instead, the mediator helps both spouses feel heard and maintain control over the outcome of their case. With the average Riverside home valued at $650,497, arbitration is important for making sure you get what you financially deserve during your case. It’s important to hire an asset division lawyer to represent you during this time, as they can negotiate on your behalf.
Hire an Asset Division Lawyer
The team at Kramer & Zitser, LLP, understands how an unbalanced asset division can affect all aspects of a person’s life. We strive to secure the most favorable outcome for your needs. As longtime California residents, our experienced attorneys are dedicated to protecting our neighbors during their most difficult times. We value our clients’ time and privacy, so we work to resolve legal matters as efficiently as possible.
FAQs
How Are Debts Divided in a Riverside Divorce?
In California, debts are divided according to community property laws. Debts a spouse had before marriage remain that spouse’s responsibility and are not divided. Any debts incurred during the marriage but before separation are generally divided according to community property rules. However, if the couple owes more than the value of their shared property, the court will divide the extra debt in a fair way while taking into account how much each spouse can afford to pay.
Are Trusts Considered Community or Separate Property in California?
In California, if community property is put into a trust, it usually stays community property during the marriage unless the trust specifically says otherwise. This is true, no matter who the trustee is. If the trust can be changed or revoked during the marriage, both spouses may need to agree to certain changes. Any income or growth from the trust also remains community property unless it is legally changed at the time it is withdrawn.
How Is a Business Divided During a California Divorce?
In California, a business may be divided during a divorce if it is considered community property or has become commingled. For example, one spouse owned a coffee shop before the marriage, but the couple used joint income to buy new equipment or cover expenses. The increase in the bakery’s value from those contributions is considered marital property. The court separates the original value of the business from the value added during the marriage to divide it fairly.
How Is Property Valued During Divorce Proceedings?
During a divorce, property is valued through a court-overseen process. This can be complicated, especially when assets are high-value or commingled. For example, an inheritance may become commingled with joint bank accounts.
It’s nearly impossible to keep separate property from becoming commingled in a marriage, making it essential to hire a Riverside asset division attorney to argue your case. Professionals such as appraisers and financial analysts can ensure accurate valuations, making the division of property in a divorce fair for both sides.
Choose a Trusted Riverside Family Law Firm
When you come to Kramer & Zitser, LLP, for your consultation, you’ll be greeted by a compassionate team who is ready to hear the details of your case. We can fully explain your legal rights so you can make informed decisions about your future. Contact us to schedule your first appointment and learn how we can assist you.
