los angeles Property Division Lawyers
It can be difficult to divide the assets after a divorce. If pensions and 401Ks are included, then it can be even harder to divide the property. That is why it is a good idea for you to consult with an attorney if you are going through a divorce and need helping dividing the property. We have helped people get their fair share of the property.
How the Community Property Laws
California is one of the states that has community property laws. This means that the property and assets are typically divided right down the middle. Most other states have equitable distribution laws. This means that the property belongs to the person who purchased it.
The equal ownership laws not only apply to property, but they also apply to debts. This means that you will be equally liable for any debts that your spouse has. Even if you were not aware of the debt, you may still be responsible for it.
Property division is one of the top things that divorcing couples fight about. Both parties are worried about getting what is rightfully theirs. People who were dependent on their spouse’s income may also be concerned about being left in poverty.
It is important to note that there are several factors that will determine how the property will be divided. That is why it is a good idea for you to have a knowledgeable attorney on your side. Your attorney can make sure that everything is fairly divided. Even if your spouse attempted to divide up the property before you got a divorce, the attorney can still help you.
What’s The Difference Between Marital Property And Separate Property?
The community property laws say that all of the property that is acquired during the marriage is community property. This includes both personal property and real estate. In some cases, if someone acquired property as the result of a personal injury settlement, then this may be considered community property.
The only property that is exempt from community property laws are the ones that have been outlined in the pre and postnuptial agreements. There are also some other things that you will need to know about community property.
- Neither party can sell or give away the property without letting the other person know first.
- There are several restrictions that are put in place as soon as the divorce is filed. No one is allowed to borrow against the marital property.
- The only way to avoid having the property allocated by a judge is to have the written agreement in place.
- Each partner is allowed to control their property individually. However, there will be restrictions placed on the divorce or separation is filed.
You may be wondering what can be classified as separately owned property. The following is considered separately owned property.
- Property that you or your spouse obtained prior to getting married
- Profit from property that you obtained prior to getting married
- Property that someone received as a gift prior to getting married
- Income that you or your spouse earned while living separately
- Property that was inherited prior to getting married
Why It Is Important for You to Hire an Attorney for Your Case
You need an attorney who has experience with property division. Our attorneys will be able to advocate on your behalf. We have an extensive knowledge of family law in the state of California. We know that property division can be quite complex. However, we have experience working with people who have complex cases.