Redondo Beach Property Division Lawyer
Marital property division can often be one of the most confusing and contentious aspects of a divorce. People will often ask specific questions about what they are able to keep and what they will have to sell, and how they will divide the proceeds in the event of a sale. They may also have questions about how property division will affect spousal support or child support payments.
It is crucial to have a Redondo Beach property division attorney who understands how the areas of divorce are interrelated and affect each other. Look no further. When clients contact me at my firm, Law Offices of Laura L. Westray, they will find an attorney with more than 30 years of experience representing clients in divorce. Contact me to schedule an initial consultation. I am committed to making sure that your rights and interests are protected.
South Bay Asset Division Attorney
California is a community property state, which means that all property brought into the marriage and accumulated throughout the marriage is the property of both spouses, with very few exceptions, including when:
- One spouse individually inherits property or assets
- The spouses have agreed in a prenuptial agreement that individual property would remain separate
- One spouse acquires property after the date of separation, determined according to when at least one party intends to divorce the other party and has communicated this desire and when an objective third party would consider the couple to be separated
Even individual retirement accounts and pensions are considered marital property. In the case of pensions, the portion considered marital property is determined by considering the years of marriage over the total years of credited service. Similarly, the portion of retirement accounts such as 401(k)s accumulated from the date of marriage to the date of separation are considered marital property.
The reality is that the court serves as an accountant. California is a no-fault divorce state, which means that it doesn’t matter who divorced whom, who cheated on whom, etc. Generally, after confirming whether property is considered separate or marital, community property, the marital property is evenly split by the court.
Notably, the parties have the ability to agree to an uneven split. Negotiating an uneven split of property may be beneficial to both spouses, especially when considering complex property division. This is the case when the spouses own a family business, numerous stocks and investments and multiple real estate properties — where division may affect the value of the assets. Valuation of these assets is also incredibly important to ensure a fair and equitable division of property between the spouses. With so much at stake, it is essential that you have the assistance of an attorney who also has a background in real estate and finance, such as myself, when negotiating property division.