On behalf of Mohajer Law Firm, APC posted in property division on Thursday, May 11, 2017.
Couples in Los Angeles navigating the dissolution of a marriage face numerous issues that must be resolved, with the division of property frequently serving as a primary cause for dispute. Understanding the distinction between marital and non-marital property is a critical factor in achieving a satisfactory resolution. This remains true whether the case requires a high-net-worth divorce attorney to manage substantial assets or simply involves items of significant sentimental value. A thorough understanding of property law and its application to asset division is imperative.
There are two separate types of property in a marriage: community and separate. Community property is property obtained during the marriage and was accrued through skill or labor. Spouses might not know that there could be a right to part of the other spouse’s pension. It is possible that a business could be shared even if it was run by the other spouse. In California, each spouse owns half of the community property. If there were debts accumulated during the marriage, these will also be community property. A notable exception is student debt. That will remain separate. The spouses will divide community property equally except in cases in which there is an alternative agreement between the parties.
Separate property is that which was acquired prior to the marriage. This includes profits or rents. If there is property that a spouse acquired after the couple was separated and was purchased with separate earnings, it is separate property. An inheritance that was received before the marriage or as a gift to an individual spouse will belong to that spouse and will not have to be shared if it was not commingled with marital property. These items tend to become mixed up as the marriage moves along and it can lead to confusion and disagreements when the divorce is in progress.
When a couple decides to end their marriage, property allocation often becomes a source of acrimony as both parties seek what they consider a fair share. While negotiation is often beneficial to avoid an ongoing legal battle, it is not always possible. Regardless of the circumstances, retaining an attorney experienced in complex property division is integral to building a strong case and securing the outcome you deserve. To discuss your situation with an experienced legal professional, please contact us to schedule a consultation.