Los Angeles Division of Property Attorney
Divorces not only end the marital union of two people, but the commingling of their assets as well. In Los Angeles, assets accumulated during the marriage are subject to California's Division of Property laws. In a dissolution of marriage, Los Angeles courts are empowered to allocate marital assets of comparable value to the former husband or wife so that an overall division of the gross marital estate is equal between the two parties. Courts will not necessarily divide one particular asset between the two parties. For instance, when the division of a jointly owned business may impair its value, courts generally will preserve the business and simply allow for its revenue to be distributed equally among the two parties or award the business to one party, while making an equal award of other marital assets to the other party. The theory behind Division of Property law is that an equal distribution of all assets needs to occur and that a dissolution of marriage should be treated much like the dissolving of a business partnership.
Overview of Los Angeles Division of Property Law
During a divorce proceeding, specific kinds of property create much controversy. It is important that divorcing couples in Los Angeles be aware of these specific assets and what types of assets can be considered as "community property"; assets. California laws define community property as any asset that was acquired during the marriage and any income earned by either party while living with the other party. Separate or non-marital property is defined as anything that was acquired prior to the marriage or given to one party during the marriage as a gift or bequest. It should be noted that in some instances, properties and other assets owned prior to the marriage may still be subject to division. If no written agreement such as a prenuptial agreement was signed prior to the marriage, California law requires that what is deemed to be community property be equally divided. The laws pertaining to division of property are not always clear-cut and it is always wise to seek the assistance of an expert Los Angeles division of property attorney.
Some community property assets that create controversy include:
- The Family Home - Dealing with the division of the family home often causes much controversy, particularly if there are any children living in the home. Typically, courts favor allowing the custodial parent to retain the marital home, at least until the children reach the age of 18 years.
- Pensions - As the second most often largest marital asset, there is often much controversy regarding pension plans. To the extent that one party accumulates an interest in a pension, profit sharing, 401(k), retirement, or other employee benefit plan during the time of marriage, it is considered to be community property and subject to the division of property laws.
- Businesses - When a couple has worked together in an owned and operated business, or when one party has made specific concessions so that the other could work in an owned and operated business, division of the business and its assets is often disputed.
- Professional Licenses/Educational Degrees - This is an asset that many do not realize that they have, but it is one that has also created much contention. In California, where one spouse has earned a college degree or obtained a professional license, "the community estate is entitled to be reimbursed for the costs of acquiring the degree or license".
Help From an Expert Los Angeles Division of Property Attorney
During a divorce, a lot of couples have a difficult time agreeing on how to divide their assets. Because the complexities of division of property matters is weighted heavily on what each individual may have an interest in or what each party's liabilities are, it is important to obtain the services of an expert Los Angeles division of property attorney for assistance. As a leading Los Angeles division of property attorney, Sharman L. Brooks has built a reputation for excellence.
Los Angeles division of property lawyer Sharman L. Brooks is experienced in all aspects of marital asset and debt division. She works closely with investigators, accountants, and other professionals to insure that complete financial discovery is disclosed to all parties and so that both parties' finances can be accurately represented to the court. At the Los Angeles division of property law firm of Sharman L. Brooks, it is our mission to treat our clients with the dignity and respect they deserve while helping them resolve their issues amicably.
For more information on how Los Angeles division of property lawyer Sharman L. Brooks can help you, contact us today for a free initial consultation!
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