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Riverside Divorce and Property Division Attorneys
Multiple Asset Division…We Help You Keep What is Yours!
Property division in a divorce is an issue that must be resolved in a family law case before both parties can separate from each other financially. Under California family law, anything and everything acquired during marriage (except by gift, devise, will, inheritance) is community (joint) property. Generally, most people with modest income acquire a family home as their biggest asset, and during a divorce, the family home becomes the most contested issue. Thus, during divorce, parting with one’s material possession becomes emotionally challenging. It is your right to keep what you have acquired during marriage. The question is, “how much” are you entitled to from your your community property? The following are some of the key issues that are almost always addressed by our Riverside divorce and property division attorney to determine what properties the parties have that need to be divided.
Divorce and Family Home
In a divorce, the family home is the biggest asset that the parties have and it becomes difficult to determine who should have possession of it. In some instances, one of the parties paid a down payment for the house before marriage, and continued to make mortgage payments during marriage. Then the problem becomes how to determine who is the proper owner of the house.
Often times, only one party is awarded the community house by Court order, or wants to keep the house, but cannot afford the mortgage payments. Yet, both parties’ names are on the loan! Then, it may become a problem for the non-owner spouse if the owner-spouse fails to pay or cannot afford the mortgage payment, because failure to make payments will substantially affect the credit of the non-occupying spouse.
This is just one of many reason why you should consult our experienced divorce lawyer in Riverside, CA, who can give you the right counsel and guidance that you may need to properly protect your property division rights in a divorce case.
In a divorce, the value of a community property such as a family home becomes difficult to ascertain because of many different scenarios that may jeopardize not only your rights, but also your chances of properly resolving property issues that is just and fair.
Often, in a divorce involving a family home, a spouse paid down payment on a house before marriage, and thereafter, sold the home during marriage. Afterwards, both spouses bought a new community home with the sale proceeds of the previous home. During divorce, the spouses then have a difficult time how to allocate how much each spouse has as community interest on the second home.
Issues such as property division in a divorce case occur at least 50% of the time. It is always a better decision to consult an experienced and aggressive family law attorney. Please contact us at (909) 234-9789 by phone 7 days a week for a FREE CONSULTATION. You have nothing to lose.
Community Business – Division of Marital Business
In some instances, parties marry and start their own business. Together they build the business from start, investing either their own capital earned before marriage or by taking a loan. Through hard work, they build the business into a success. During divorce, division of the business becomes very complex in deciding who gets how much of the business. Some of the factors include not only the profit and loss of the business, but also a goodwill value, outstanding tax liabilities (if any), liabilities to lenders, projected or future income from the business, who will operate the business, who will (or can) buyout the other party’s share of the business, and whether there is a third-party partner involved.
These issues make division of business during divorce a very difficult and complex matter, and often requires the knowledge and experience of an aggressive divorce attorney in Riverside to determine the rights of the parties.
Bank Accounts – Joint vs. Separate
Many couples choose to maintain separate bank accounts for the purposes of keeping their earnings separate. Thereafter, during divorce, they discover that such separation of bank accounts did not really matter because anything earned during marriage (except that which is obtained by devise, will, inheritance, or gift) is community (joint) property. By law, both parties are entitled to receive one-half of funds from the other spouse’s account.
During a divorce, sometimes one spouse decides to withdraw all the funds from his or her own account, or go on a spending spree, without realizing that such actions are against the standard family law restraining orders in a divorce summons.
Often times it is difficult to understand the complicated family law issues involved in a Riverside divorce case. It is always best to contact our aggressive and experienced divorce attorney in Riverside to understand what should and should not be your expectations and what a family law attorney can and cannot do for you.
Divorce and Bankruptcy
One of the most significant trend seen in light of the recent economy is that parties do not have any assets but have a lot of debts acquired during marriage. The issue becomes who will be responsible for the debt. Sometimes, one party will file bankruptcy after divorce, and assume that he or she is no longer responsible for the debt. However, such assumption may not be a fact, and the party may still be responsible for the debt.
If you are thinking about divorce and bankruptcy at the same time, talk to our experienced Riverside family law attorney to understand how one can affect the other.
Other property issues involve division of the earning spouse’s 401K, retirement or pension, property tax and income tax issues, and also the automobiles acquired during marriage. Property division is one of the most complex areas of a divorce, and our Riverside divorce lawyers are here to help you understand the many possible avenues by which to obtain the best resolution in dealing with property issues. Please feel free to contact us Monday through Sunday for a FREE CONSULTATION; CALL US AT (909) 234-9789 7 days a week.