Why Hiring A Property Division Lawyer During Your Divorce Is Important
When you are in the midst of a divorce, many important issues may arise where there is significant disagreement between you and your spouse. One of these is how property will be divided up between the two of you, since this can greatly determine the standard of living each of you will be able to enjoy post-divorce. However, since California is one of less than 10 U.S. states that are community property states, it will be crucial you hire an asset and property division lawyer who not only understands this process, but is also willing to fight hard to make sure your rights and property are protected during the divorce hearings. As to why hiring the right attorney is so important in these matters, here are some of the most common reasons.
Community Property Laws
When you hire a property division lawyer Los Angeles clients always trust from Burns Law, they will immediately explain what is involved with regards to community property laws. In essence, all marital property will be divided 50-50 between you and your spouse, no matter the circumstances. Thus, even if you were the breadwinner for your family over the years and are responsible for the assets you and your family now have, your spouse will be entitled to 50% of everything the two of you own. Unfortunately, this also applies to any debts incurred during the marriage. Therefore, if your spouse accumulated thousands of dollars in debt unbeknownst to you, the court will likely rule you are partially responsible for helping to pay off the debts. Since there may be unusual circumstances that led to such situations, always turn to a divorce attorney Los Angeles knows from Burns Law to argue your case in court and get you the results you seek.
Dissipation of Assets
In some situations where a divorce is contentious, a dissipation of assets may take place courtesy of your soon to be ex-spouse. When this happens, they may attempt to hide assets, transfer them to friends or other family members, or grossly misrepresent the actual worth of certain assets. If you believe this is taking place, you do have options. By hiring a family law attorney Los Angeles knows has experience working with forensic accountants and certified appraisers, you can be sure any attempts at asset dissipation will be detected and halted as quickly as possible.
Pre and Post-Nuptial Agreements
To avoid the possibility of losing assets for which you worked hard and are entitled to following your divorce, your asset and property division lawyer from Burns Law may recommend you have a pre or post-nuptial agreement in place with your spouse prior to or shortly after you get married. By having such an agreement in place, you can be sure all terms of property and asset division are clearly spelled out. However, even with such agreements, it is possible one spouse may claim they did not understand the terms of the agreement, were forced to sign it under duress, or other related issues. If this should happen during your divorce, discuss the matter with a property division lawyer Los Angeles clients know can handle the situation with professionalism.
Since California is a community property state and will only consider some property to be separate if a pre or post-nuptial agreement is in place, it will be vital you work with a divorce attorney Los Angeles clients trust has an in-depth understanding of how this process works. As for what property could be considered separate property and thus be excluded from any property division procedures, these can include property clearly owned by one spouse prior to the marriage, property inherited by a spouse prior to or after the marriage, and any earnings that were acquired while a legal separation was in place. Unfortunately, since money is always a prime source of contention during divorce proceedings, don't expect your spouse to go quietly on this matter. To be fully-prepared for whatever may happen next, hire the services of a family law attorney Los Angeles residents who are in the middle of a divorce know will stand by them from start to finish.
While this sounds like a weird science experiment, transmutation is actually the legal process of converting separate property into community property. Done through the consent of both spouses, most instances involve doing so with real estate or motor vehicles via title change. However, it is important to remember that while this process can be used to make separate property into community property, it can also do the opposite and make community property into separate property. Should you do so prior to or during your divorce, expect the court to take a long, hard look at the transaction to make sure it is indeed legal and that both parties did in fact agree to the change. Due to the court possibly having questions about this, work with an asset and property division lawyer who has years of experience in this area and can clearly explain to the court what took place.
Complex Property Divisions
While it is certainly not an easy task to divide up such property as real estate and motor vehicles, it becomes even more complex when other types of property are involved in a divorce. These include retirement accounts, stocks and investment portfolios, businesses, pensions, and other similar types of property. Since the value of such assets and property can run into the thousands or even millions of dollars, your property division lawyer will undoubtedly consult with experts such as a CPA who is trained in forensic accounting. By doing so, an accurate estimate of the property's value can be had, allowing you and your attorney to move forward in an effort to get the best possible divorce settlement.
While getting divorced will likely be stressful and emotional, keep your wits about you from beginning to end so that you come away with your finances intact. To do so, make an appointment today with Burns Law.