Division of Assets in Divorce in Granite Bay, California
Protect Your Assets With A Roseville Divorce Lawyer
Asset division is an important part of the divorce process. In many cases, spouses cannot reach an amicable solution for dividing their assets in a fair manner. In these situations, the spouses can bring the matter before a family court judge who can make informed decisions about how to divide the couple's bank accounts, debts, community property, and other assets.
Asset division can be a time-consuming process, depending on the quantity of assets or the complexity of ownership between the two spouses. It is advisable that you immediately seek the services of an experienced Roseville divorce lawyer who is familiar with asset division laws and community property principles in California.
Community Property vs. Separate Property
California uses the terms “community property” and “separate property” to divide assets between spouses. Separate property belongs solely to one spouse while community property is subject to division between the spouses.
Community property includes the assets that were purchased during the marriage and income that was earned during the marriage. It also includes any asset that was previously separate property but that was transferred to become community property.
Separate property includes property that was owned by one spouse before the marriage, property that was purchased only from separate assets during the marriage, or property that was given as a gift or inheritance to one spouse.
Sometimes spouses may disagree about whether a property is separate or community property. A thorough evaluation of the circumstances surrounding the purchase or maintenance of the alleged separate property may be necessary to accurately identify the property. The spouse who wants the property to be recognized as separate has the burden of establishing this classification.
Proper Valuation Techniques
Once the property is properly classified as community or separate, the next consideration is the value of the property. The spouses each have an equal ownership interest in the property. If the spouses do not agree on the value of a property, they may need to have the property appraised, or an expert witness may need to testify about the value of the property.
Experienced Representation in Family Law Matters
The legal team at Herrig, Vogt & Hensley, LLP, believes in providing superior legal and asset division services to all clients throughout Rocklin, Roseville, Citrus Heights, and Carmichael. We rely on 100 combined years of legal experience in successful family law representation as well as strategies for success in asset division that have been proven to get results. Our energetic effort to support our clients' objectives in the asset division sets us apart from other firms. If you have any questions regarding how your marital assets may be divided, contact us for a free case evaluation.
Learn more about our asset division services by contacting us online or by calling us now.