One of the worst things about marital breakdown, apart from the emotional turmoil that the couple has to go through, is finding a suitable way to divide up property. Property division in Sacramento may be one of the most heated matters related to divorce. No matter what the duration of the marriage is, it is essential that property is split up fairly. Our lawyers at the Law Office of David Martin & Associates have extensive experience in managing challenging divorce and property division issues.
Marital and Non-Marital Property Sacramento
It’s important for almost any couple having a divorce to understand the difference between marital and non-marital property:
- Marital property – All property a spouse or couple gets in the course of marriage is considered as marital property. Based on these guidelines, marriage starts out the day of the wedding.
- Non-marital property – Non-marital property is considered as any property a person acquired before marriage, and also subsequently brought into your marriage.
There are certain exceptions to both marital and non-marital property. For instance, gifts or inheritances could possibly be considered as part of one spouse’s estate but not the other’s. Moreover, some non-marital property may be converted into marital property throughout the marriage or even during the divorce. Our lawyers can discuss exactly how Sacramento marital and non-marital property laws affect your divorce.
Property to Divide
Separating property during a divorce might be complex. In certain cases, one spouse may have concealed assets. Whenever a spouse is self-employed, for example, it usually is tougher to divide property in Sacramento. Our attorneys can assist clients in even the most complex marital property issues.
When a couple first gets married they often view anything purchased, ranging from the big screen television to the pots and pans in the kitchen as well as more expensive items such as the home or car(s) as communally owned property. Unfortunately, when marital breakdown takes place, the worth of all that property comes to the forefront and it is often difficult to reach an agreement on both the value of it and who should take what to their new home.
We can assist clients in taking on Sacramento asset and debt division, like the appropriate valuation and allocation of the following different types of property:
- Bank accounts
- Retirement funds
- Other financial assets (IRAs, stocks, bonds, etc.)
- Worker’s compensation awards
- Personal injury awards
- Medical malpractice awards
Splitting up Marital Assets
Property obtained or assets gained during the period of a marriage are subject to division. Although it is not an exhaustive list, below are subject to division if received after marriage:
- Equity in a home
- Proceeds or income from a business
- Retirement funds
- Money because of an inheritance
- Stocks, bonds, investments
- Real estate property
Sacramento Community Property Lawyer
Dividing community property in Sacramento during the marriage dissolution process would appear to be uncomplicated. All of property, assets and debts acquired throughout a marriage (with some exceptions) are meant to be divided up equally between the spouses. In real practice, however, separating community property can become a very complex task.
Identifying what exactly is surely community property, valuing it and separating it fairly calls for a professional Sacramento community property lawyer. Our own firm has been counseling and representing clients in divorce and community property concerns for many years, such as quite a few challenging property division cases.
The first thing a chosen lawyer will do is to make sure that the two parties reach a satisfactory agreement on the make up of the combined assets and any money that might be owed on them. The opportunity to divide the property will not take place until certainty has been established on what is considered to be communally owned property.
Communally owned property
Communally owned property is an asset which was acquired or any debt that was incurred throughout the marriage. This is seen as what is referred to as a part of the marital community and is important when apportioning all the assets that take place in a divorce settlement. Inheritances and gifts are not included in the marital community or any purchases made before the date of the marriage.
These guidelines for ownership can be complicated at times, but a solution to these issues is of great importance as it determines your financial security in the coming years. Assets obtained before marriage sometimes merge into communally owned property through what is termed commingling which takes place during the marriage. Assessing who owns these assets and the value of them is often complicated by the fact that some assets fall in value over time while others gain in value. In other words what you might have paid for an asset has to be reassessed to get today’s value. The attorney you choose to assist you with assessing your investments and liabilities which may include any house repayments, student loan repayments, and any additional financial activity that has taken place during the marriage will help you confirm your true worth and ensure a more fair division of the communally owned property.
Complex Division of Sacramento Marital Property
Many reasons exist why divorcing spouses might find it tough to deal with property division cases. Frequently enough, the reason is that there is quite a lot of property to fight over. Some other reasons can include determining particular assets as marital property, valuation complications for directly held or family business assets, or even the enforcement of the terms of a premarital agreement.
No matter the details of your property division situation, the lawyers of our own firm can counsel you of your legal rights while going after a practical resolution of the cases by means of negotiation when possible or perhaps litigation when necessary. Contact our divorce lawyers for a zero cost initial consultation regarding your options.