One of the many things a separating or a divorcing couple must consider is how property and debts are to be divided. Under California law, if these are acquired during marriage, they belong equally to both spouses and must be equally divided.
While some couples can agree on how this is fairly done, some may ask the court to intervene. As such, each will hire a lawyer who specializes in asset division to represent them in court.
In either case, the following factors are involved in this proceeding:
There are a number of ways this can be achieved. Spouses can split assets by taking certain items themselves or by selling them and dividing the proceeds from the sale.
Additionally, they can also decide to have joint ownership of the assets after the divorce. This can be the case if the property is a family home and the couple want to retain it until their children are older. Others may decide to retain investment properties in the hope its value increases.
Besides property, all debts accrued during the marriage have to be split fairly between the spouses. This includes car loans, credit card debt and mortgages. Divorce agreements are not binding on creditors who will demand what is legally owed to them.
In case a debt is assigned to one spouse, the other may ask the court to place a lien on separate property owned by that spouse. This can be done to ensure payment security for said debt. Most couples deal with this by paying off all debt after the divorce is finalized, such as by refinancing a house loan.
If the couple owns a family business, it also comes up as an asset to be divided. In most cases, the court will award the business to the spouse who brought the most value to it. In other words, if you have more experience with the customers and more knowledge about the business, you may be granted it.
To ensure the division is done fairly, the owners of the business have to disclose details about the business with a full disclosure. There should be 100% transparency in the details, which includes its revenue, as well as the debts the company owes.
If asset division is involved, a divorce can be emotionally and financially draining.
If you are in search of a lawyer who specializes in asset division and who can represent you fairly in court, get in touch with the Law Offices of Steve Whitworth today. Get in touch with them for a FREE consultation by Calling (916) 668-5970.
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