Citrus Heights Asset Division Lawyer
When a marriage occurs, most of the assets and properties the couple accumulates are shared. Doing this practice ensures that the entire family has a comfortable lifestyle, and the value of these properties increases over time.
However, should the unthinkable happen and a divorce is called by either party, dividing these properties can become a legal nightmare. If your properties are in Citrus Heights, CA, you must know the value of each community property or property that was collected and owned jointly throughout the marriage. If you are not careful and seek legal assistance, you may miss out on the assets and properties you value the most.
Let our Citrus Heights asset division lawyers at Bartholomew & Wasznicky LLP help you with your legal dilemma. Our legal team can help you secure your fair share of the assets and properties you acquired through the marriage and protect the ones you already owned before the marriage. We will also explain the legal process so you can make the right legal decisions to achieve the best result for the case.
Take control of your divorce settlement. Call (916) 260-2637 now for a personalized consultation with our experienced divorce attorneys in Citrus Heights, CA, at (916) 260-2637. Get the answers you need regarding asset division and protect your financial future. Don’t wait; make the call today!
Determining Types of Property in California
California follows community property rules when distributing community property during a divorce case. This means that both parties will divide the community assets and properties equally.
However, before a division can occur, assets and properties will be sorted to see if they are separate or community properties.
Under California law, separate property is defined as:
- Property owned by an individual before marriage
- Properties acquired by an individual after marriage through gifts, devise, bequests, or descent
- Assets made through rent, issues, and profits of any separate property the individual owns
Separate property can also include:
- Items purchased or exchanged for separate property
- Earnings on separate properties
- Value increase in separate property with documentation to prove it
Separate properties will belong to the spouse who owns them and will not be included in the divorce. It can also be transformed into a community property through transmutation (property by agreement or transfer) and commingling (joint ownership). Properties acquired between the day the parties separated and the day of the divorce will be considered separate property.
Meanwhile, community property is any asset or property the couple accumulates during the marriage. These properties may be real estate or personal property, and the couple equally owns them throughout the marriage.
Valuing and Dividing Community Property
During asset division, spouses are given a chance to put value on their community properties before dividing them equally. However, suppose the spouses cannot agree on the monetary value of these properties. In that case, the judge can do the valuation based on the statements, appraisals, financial disclosures, and other evidence presented by both parties.
Once the actual value is determined, the court will follow the community property rules to give each spouse a net value of assets, which is the 50/50 split of the estate’s entire value. This means that each spouse will get assets that are equivalent in value. Separate properties are not included in the division unless mixed or blended with community property.
Parties can divide assets by assigning each item to a spouse, selling the items and dividing the proceeds, and asking the spouse to buy out their shares. Joint ownership is also allowed if the parties agree to it.
Our Citrus Heights asset division lawyer, assigned to your case, can guide you through the valuation process of your community properties and how they will be split. We can help you determine the right assets to fight for during the settlement, especially those you value the most. If you decide to keep the property as a joint property, we can stand in for you during any discussions regarding its ownership or operations.
Dividing Community Debts and Businesses
For debts, the couple must divide all their debts during their marriage, from mortgages to credit card debt. It is important to remember that creditors will not recognize any separation agreement or divorce order and may continue to collect payment from both parties as part of a community debt. A judge may assign one debt to a specific party when they see it is equitable, and they can pay their debts.
In terms of businesses, getting a business valuation will take some time, depending on the number of businesses considered community property. In some cases, the judge will use the couple’s valuation, while often, a certified public accountant or business appraiser is called to do the valuation. Whichever valuation is used, the judge will have the final say as to how the business will be divided fairly.
Your assigned Citrus Heights asset division lawyers are trained and experienced to handle debt and business asset division regardless of their amount and number. You can trust us to help you evaluate your business by partnering with licensed accountants and business appraisers and getting the debts you are genuinely involved in.
Dividing Retirement Assets
When going through a divorce, the process of dividing assets can become complex and emotionally challenging. Among the assets that often require careful consideration are retirement accounts and investments. If you find yourself in this situation in Citrus Heights, CA, it’s crucial to understand the value of your retirement assets and how they can be divided. At Bartholomew & Wasznicky LLP, our team of experienced asset division lawyers can provide the guidance and support you need to secure your fair share and protect your future.
Retirement assets, including pensions, 401(k)s, IRAs, and other investment accounts, are considered community property in California. This means that they are subject to division during a divorce. However, determining these assets’ fair and equitable distribution requires careful evaluation and consideration of various factors.
Our Citrus Heights asset division lawyers will work closely with you to assess the value of your retirement assets and develop a comprehensive strategy for their division. We understand the intricacies of valuing retirement accounts, including assessing contributions made during the marriage and potential growth or appreciation. Our expertise can help ensure that your retirement assets are accurately valued and that you receive your fair share.
During the asset division process, it’s essential to consider the tax implications associated with dividing retirement assets. Certain retirement accounts may have tax consequences when distributed, and it’s crucial to navigate these complexities to minimize potential tax liabilities. Our skilled attorneys will guide you through the tax aspects of dividing retirement assets, helping you make informed decisions that protect your financial interests.
In addition to the division of retirement assets, we can assist with QDROs (Qualified Domestic Relations Orders), which are legal documents necessary to allocate retirement benefits between spouses properly. Our team has the knowledge and experience to handle the preparation and submission of QDROs to ensure the smooth and accurate distribution of retirement benefits.
At Bartholomew & Wasznicky LLP, we understand that retirement assets represent a significant part of your financial future. We are dedicated to providing personalized and compassionate legal assistance during this challenging time. Our asset division lawyers will advocate for your rights and work diligently to achieve a fair and favorable outcome.
If you’re facing the division of retirement assets in your divorce, don’t navigate this complex process alone. Contact our Citrus Heights asset division lawyers today at (916) 260-2637 to schedule a free consultation. Let us provide the expertise and support you need to secure your fair share and protect your financial well-being.
Talk To Our Legal Experts Today
Whether writing a prenuptial agreement or sorting out your divorce, California has laws to help you sort out asset and property division fairly between you and your partner, should there be a reason for using it.
Our Citrus Heights, CA, family law firm is here to guide you through the legal process and ensure that your separate properties are protected and, if the situation arises, get a fair share of the assets and properties from the marriage. We will handle the case carefully and explain any computations used for the division.
To learn more about how our law firm can help, don’t hesitate to contact us through our hotline. We offer a free consultation service to any client who needs our help, and we will personalize our services accordingly to match your situation. We look forward to getting your call and making the legal process easier for you to work with.
Take control of your divorce settlement. Call (916) 260-2637 now for a personalized consultation with our experienced divorce attorneys in Citrus Heights, CA, at (916) 260-2637. Get the answers you need regarding asset division and protect your financial future. Don’t wait; make the call today!