Riverside Divorce and Property Division Attorneys
Multiple Asset Division...We Help You Keep What Is Yours!
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.
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.
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.
