Los Angeles Property Division Attorneys

Supporting Property Distribution Issues in a California Divorce

California is a community property state, which means that all assets acquired during the marriage, including the increased value of assets brought into the marriage, are considered part of the “marital pot.” Each spouse owns half of the community property and is responsible for half of the debt. However, dividing this pot in the event of divorce can be difficult to accomplish without the help of an experienced lawyer.

At the Law Offices of Korol & Velen, our Los Angeles property division lawyers represent individuals from the South Bay, the San Fernando Valley, and the Greater Los Angeles areas. Our board-certified family law specialist can provide experienced, dedicated legal services related to property division in divorce.

What Is Considered Marital Property in California?

In California, any property that the couple acquires during the marriage is considered marital, or community property.

Separate property, which is anything that each spouse owned before marriage or received as a gift or inheritance, belongs only to that spouse and cannot be divided during a divorce. However, some separate property, such as a home or car belonged to one spouse prior to marriage, may be considered marital property if marital funds contributed to its maintenance.

What Assets Are Involved in Property Division?

Our property division lawyer in Los Angeles works either through collaborative law means, mediation, or litigation in court to help you get the settlement you deserve. First, we start by identifying which assets may go through the division process.

The division of marital assets and debts can include the following and more:

• Businesses or practices
• Retirement accounts
• Pension plans
• Collectibles, art, and other valuables
• Investment accounts
• Real estate, vacation homes, etc.
• Cars, boats, and other vehicles
• Various other items

Who Gets the House in a Divorce California?

The first step in determining who gets the house in a California divorce is figuring out whether it is considered community property or separate property. If the couple purchased the home together using community funds and both names are on the title, both spouses share an equal interest. If the house was purchased by one spouse before marriage, it is that spouse's separate property. However, the community will have an interest in the home if community funds were spent on the property. 

If the house is fully separate property, then the original owner will get to keep it. If it is community property, there are multiple ways in which the house may be split:

• Sell the home and divide the profits;
• One spouse takes full ownership of the home and pays the other spouse for his or her share.

As a firm, we retain forensic accountants and other professionals to value pension plans, stocks and stock options, homes and other real estate, and business ownership interests. While we are empathetic toward our clients, our Los Angeles property division attorneys do not hesitate to deal aggressively with the opposition if the situation requires it. Our goal is to achieve results that are fully in the best interests of our clients.

How is Property Divided in a Divorce?

Once community and separate property are identified, the next step is to divide the community property. California law requires that community property be divided equally between the spouses, but "equal" does not necessarily mean "identical." Courts are guided by the principle of equitable distribution, which means that property is divided in a manner that is fair, but not necessarily in a 50/50 split.

The court may consider various factors when dividing property, including:

1. The length of the marriage: In long marriages, the court may lean toward an equal division of property, as both spouses have had ample time to contribute to the accumulation of assets. In short marriages, the division may be more uneven based on individual contributions.
2. Each spouse's financial situation: If one spouse has a significantly higher income, the court may award them a greater portion of the assets or require them to provide spousal support to balance the division.
3. Contributions to the marriage: Non-financial contributions, such as raising children, caring for the home, or supporting the other spouse's career, are also considered by the court.
4. Health and age: The age and health of the parties may affect the division, especially if one spouse is significantly older or in worse health, and it would be inequitable for them to leave the marriage without adequate financial resources.
5. Debts: The court will also consider any debts acquired during the marriage and divide them equitably. Debts incurred by one spouse for personal reasons may be assigned solely to that spouse, while shared debts will be divided between both parties.

The goal of property division in California is to achieve an outcome that is fair, given the circumstances of the marriage and the assets involved. To ensure your interests are properly represented, working with Los Angeles property division lawyers is essential.

Why Choose Los Angeles Property Division Lawyers?

Property division can be a challenging and emotionally taxing aspect of divorce. The Law Offices of Korol & Velen bring years of experience in family law to help individuals navigate the complexities of asset division. Whether you’re dealing with a simple property division or a high-asset divorce, our Los Angeles property division lawyers are dedicated to ensuring that you receive a fair share of the community property and that your separate property is properly protected.

Our attorneys are skilled at:

• Assessing and valuing assets and debts in divorce cases.
• Negotiating and litigating property division disputes.
• Working with financial experts, business appraisers, and forensic accountants.
• Protecting your rights and ensuring a fair division of property, no matter the complexity of the case.

When you choose the Law Offices of Korol & Velen, you are choosing a dedicated team of professionals who will work tirelessly to protect your financial interests throughout the divorce process. Contact us today to schedule a consultation and discuss your property division case with our experienced Los Angeles property division attorneys.

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