Westlake Village Asset & Property Division Lawyer
Thousand Oaks Divorce Lawyers to Help With Complicated Property Division Decisions in California
One of the first concerns people have when considering divorce is whether or not they will be able to keep their home and other personal belongings near and dear to them, and to protect their assets from being unfairly divided in a divorce action.
If you are facing a divorce or separation in California, it’s crucial to work with a skilled Westlake Village asset and property division attorney to ensure that your rights are protected and that the division of property is fair.
The team at Richard Ross Associates has extensive experience helping individuals navigate the complexities of asset and property division, and we are committed to providing strong legal representation during this challenging time.
Ready to protect your assets? Schedule a free consultation with a property division lawyer in Westlake Village today. Call us at (805) 777-1011 or contact us online to get started on your case.
Is Everything Split 50/50 in a Divorce in California?
California is a community property state. California uses a community property standard for asset division when couples divorce. The law mandates fair division but does not require a 50/50 split of marital assets and debt.
Virtually all property, money, and assets acquired during the marriage are considered marital property with minimal exceptions, such as an inheritance left only to one spouse.
In this scenario, there is a presumption that everything acquired from the date of marriage to the date of separation is community property, except assets acquired by gift or inheritance. The presumption can be rebutted. However, the burden of proof to rebut the presumption is on the person seeking to prove that the asset is not community property.
For this reason, property division is often a source of stress and substantial litigation during the divorce process. But this can also be accomplished without litigation by obtaining a divorce through collaborative law, mediation or agreement of the parties. No matter what your situation may be, consult with a Westlake Village divorce attorney from Richard Ross Associates today.
The Process of Property Division in California
When it comes to dividing property, California courts take into account a variety of factors to determine how assets and debts will be split. While the goal is to divide community property equally, courts also have discretion to adjust the division based on specific circumstances.
- Identification of Assets and Liabilities: This includes tangible assets like real estate, vehicles, and personal property, as well as intangible assets like retirement accounts, investments, and business interests. All debts must also be accounted for, including mortgages, credit card balances, personal loans, and student loans. We recommend working with an experienced Westlake Village asset and property division lawyer who can conduct thorough investigations and ensure all property is disclosed.
- Valuation of Assets: Once the assets have been identified, the next step is to determine their value. Valuation can be straightforward for items like bank accounts or personal property, but it becomes more complex for assets like real estate, business interests, and retirement accounts.
- Negotiating the Division: In some cases, the parties may be able to come to an agreement through mediation or negotiation, which can be a quicker and less contentious process than going to court. However, if an agreement cannot be reached, the case may go to trial, and a judge will make the final decision.
- Equal vs. Fair Division: While California law mandates an equal division of community property, this does not always mean that each spouse will receive an exactly equal share. In some cases, the court may make adjustments based on the needs of each spouse, particularly in cases involving spousal support, child support, or other considerations.
Key Factors in Property and Debt Division in California
The division of assets and debts is not always straightforward, and the court considers several factors when determining how to split them. Here are the key factors that influence how assets and debts are divided.
- Length of the marriage, with long-term marriages (10+ years) having more complex division processes.
- Both financial and non-financial contributions (e.g., homemaking, supporting a spouse's career).
- Future financial needs and earning potential of both spouses post-divorce.
- Debts related to a specific spouse’s actions (such as gambling or excessive spending) could potentially be assigned to the spouse who incurred the debt.
- Debts that were incurred before the marriage or after separation may remain the responsibility of the individual spouse who incurred them.
- Tax implications of dividing assets (e.g., retirement accounts, real estate).
- Misconduct such as wasteful spending or hiding assets may influence the division, though California is a no-fault divorce state.
- Prenuptial or postnuptial agreements can override community property laws, dictating how assets and debts are divided.
- Custody arrangements may influence property division, such as awarding the family home to the primary caregiver.
Need help with property division? Speak with a trusted Westlake Village asset and property division lawyer today. Call (805) 777-1011 or reach out online for a free legal consultation.
How are High-Net-Worth Divorces Different?
One of the most difficult and often aggressive areas of a divorce proceeding is property division, especially in high-asset divorce cases. Individuals who are well-off financially and/or own their own businesses may have much more to lose in a divorce proceeding, especially when they retain a Westlake Village divorce attorney who does not have the knowledge, skill or ability to protect their assets to obtain a reasonable settlement or trial verdict in their family law case. If you are facing a high net worth divorce or legal separation proceeding, speak with an attorney from Richard Ross Associates today.
Forms of Asset Protection
Our Westlake Village divorce firm has what it takes to protect your assets from unfair property division, both before and during a divorce. Many problems can often be entirely avoided by properly drafting a prenuptial agreement with your spouse-to-be before you get married. You can also draft a post-nuptial agreement if you are already married but want to protect your assets in the event of an unfortunate and/or unforeseen divorce or legal separation in the future.
Attorney Richard Ian Ross is a California certified family law specialist with a detailed and extensive understanding of the laws applying to such legal issues. Set up your initial consultation with our firm today to begin protecting your finances and assets.
Need a Divorce Lawyer in Westlake Village or Thousand Oaks?
With over 40 years of extensive legal experience, your Westlake Village divorce attorney is more than qualified to handle your asset protection, property division or high-net-worth divorce case should you choose to retain Richard Ross Associates.
Our firm proudly serves Westlake Village, Thousand Oaks, and other communities in both Ventura County and Los Angeles County. If you are entering into a divorce and need a lawyer who can skillfully handle your case, proving what property is yours and how much you deserve to receive in a settlement, hire Attorney Richard Ross. As a certified family law specialist, he is qualified to negotiate, mediate or litigate on your behalf to reach a fair divorce order.
We will investigate every detail of your case in order to ensure that you receive personalized and effective representation and maximum results. Few firms offer the client care and experienced counsel that we offer to every client. Contact us right away to set up your initial case evaluation and discuss your options with a divorce attorney in Moorpark who can help.
Whether you're facing a complex property division or have questions about your rights, our Westlake Village property division attorney is here to help. Call (805) 777-1011 or contact us online to schedule your free consultation.
Dedicated TO CLIENT CARE & SUCCESS
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I heartily recommend him to anybody in need of a well qualified, results-oriented, family law specialist.
“I would not hesitate to, again, retain the legal services of Richard Ross.”
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Our family and our dignity have been restored.
“Mr. Ross and his supportive, competent staff put their hearts into their work and literally turned our lives around.”
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The results far exceeded my expectations.
“The entire staff at Richard Ross Associates really helped me through my divorce and they were with me the whole way.”
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Extremely thorough and professional!
“Richard has helped me through a very difficult divorce and I can't say enough good things about him.”
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Polite, caring, and quick to respond.
“Richard Ross is a subject matter expert in the field of family law.”
FREQUENTLY ASKED QUESTIONS
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This is very important: If you have separated from your spouse before one of you has filed for dissolution of marriage or legal separation, avoid agreeing to and placing into effect a temporary parenting plan arrangement regarding the children unless you will be able to live with this arrangement after the divorce papers have been filed. Once you begin a parenting plan that seems to be working, it becomes the "status quo." It is very difficult to convince a mediator or judge to change the status quo, especially if it is working or appears to be working and is not detrimental to the minor children.
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If you have not received a judgment dissolving your marriage before the end of the year, you may file an individual tax return under the status of "married, filing separately" or a joint tax return with your spouse. You should consult your accountant as to the advantages of these options. You may obtain special information booklets regarding tax information for divorce or separated individuals from your local IRS office or read the IRS booklet online.
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To file an action for divorce, also known as dissolution of marriage, a person must have resided in the state of California for six months and in the county where the action is filed for three months prior to filing the petition in court. This is true of either the petitioner or the respondent - either person can meet the test and allow a filing. If your spouse meets the residency requirement, you can file even if you do not meet it yourself.
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The court can and usually will order you to move out of your residence if your spouse convinces the court that you have been violent toward your spouse or threatened your spouse. You could be given ex-parte notice to be in court the next day because your spouse is seeking an order to make you move out and stay out. You can be ordered to leave immediately and not return even if your spouse is not on the property title or lease agreement! Once you are ordered to leave, it is not likely that you will be allowed to return.
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Before you get a divorce, photocopy all relevant financial documents that you can obtain and store them off-site with a trusted friend or relative. Do not store them in the trunk of your car where they can easily be found and removed by your spouse. There may be both personal and strategic reasons not to tip off your spouse that documents are being reviewed for a possible dissolution proceeding. Make copies of documents that you find in the residence and return the original documents to their original location as soon as possible so that your spouse won't notice that they are missing. It is often advisable to make the photocopies when you are sure your spouse is away for an extended time, such as during a workday. It is advisable to gather as many relevant financial documents as possible while they are still available and before they have been removed or destroyed by your spouse. This will significantly reduce the cost of divorce litigation if the documents do not have to be recovered later. It will also permit us to get a true picture of all community assets and debts as soon as possible.
