In terminating a marriage or domestic partnership, one of the issues which must be resolved is the division of marital property, assets, and debts.
Such property includes real estate, business or partnership interests, stock portfolios, pension funds, other investments, bank accounts, art collections, vehicles, and more. Essentially, all assets and property acquired after the marriage has taken place and prior to the legal termination is considered marital property. California is a community property state, which means that marital property is divided equally between spouses upon a divorce. The exception to this is separate property, which is property acquired by a spouse prior to the marriage or property given to a spouse as part of an inheritance or gift. Even this property, however, if commingled may be viewed as community property. Thus, how property is categorized in a divorce proceeding is a critical issue.
If you need legal assistance in a matter involving property, assets, or debts, you will want an attorney who is well-versed in all of the complex issues that may arise in identifying, valuing, and dividing assets. At The Berman Law Group you can discuss your situation with a Los Angeles divorce attorney who will pursue all of the legal rights and benefits to which you are entitled with skill and determination.
In a division of community property, an equal division may be accomplished by the court awarding a percentage of the value of a specific property as opposed to a physical division of, for example, the family home. In order to create as fair a division as possible, the court may grant an award of an asset to one party where appropriate or in cases where one party has intentionally misappropriated funds or assets, may remove such amounts from his or her share in favor of the harmed spouse.
Many complications can arise in these matters, especially in cases of retirement and pension benefit plans, prenuptial agreements, businesses and professional groups, and other complicated financial holdings and history. Ensuring that you are aggressively represented is crucial.
Contact a Los Angeles divorce lawyer at the firm for skilled legal assistance with the division of marital property and debts today.
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