Dividing marital assets after a divorce can sometimes be one of the most complicated parts of the process. Property division matters can be complex, and emotions are often running high. For this reason, you need an experienced Encino family law attorney who can help you through the details of dividing marital property. The team at Diarian & Bociaga will work aggressively to protect your interests and find a solution that meets your needs.
California Property Division Overview
California is considered a “community property” state because, according to state law, all assets and property acquired during the marriage are jointly owned by the spouses (Cal. Fam. Code § 760). Upon a divorce, the marital property would be split 50/50 between the spouses, regardless of how long the marriage lasted. The term property can be used to encompass a number of different items, including real estate, automobiles, furniture, clothing, and other physical items. Financial assets, like a savings account, 401(k), or IRA, are also considered property. Finally, an item like a business or patent can fall into the property category as well.
One important detail to note is that only property acquired during the marriage is considered community property. Any assets owned by one spouse prior to the marriage will generally still be classified as separate property and not counted as part of the marital assets. Likewise, a gift or inheritance received by one spouse — even during the marriage — can be exempt from the community property law. Another important callout is the fact that marital debts are also covered by the community property rule. So, any debts incurred during the marriage are the joint responsibility of the spouses.
Negotiating A Property Division Agreement
So, how will the division of property ultimately be decided? The good news is that many couples reach an agreement on their own about how the marital property should be divided. Reaching a mutual agreement with your ex-spouse can save you a lot of time and money. This is usually the best scenario for all parties, and the judge will almost always approve the agreement as long as it is reasonable. Sometimes mediation is used as a tool to help reach an agreement in property division matters.
If the parties are unable to reach an agreement, either a hearing or trial will occur before a judge. The judge will hear the evidence and make a final decision on the splitting of assets. The judge may examine financial records, hear witness testimony, and rely on expert testimony in making a decision. The Encino property division attorneys at Diarian & Bociaga are adept at negotiating complex property division issues to reach an agreement, but we will litigate fiercely on your behalf when the situation requires it.
Contact An Encino Property Division Lawyer
Property division issues can get messy and complicated, but clients in the Encino area have come to trust the team at Diarian & Bociaga when they need an experienced property division lawyer in the Encino area. Our team is experienced at handling complex property division matters, and we will fight to help you get the outcome you desire. Our property division attorneys in Encino will give your case the personal attention it deserves, so contact our office today to get us on your side.