When a couple gets divorced, they will split up everything into 2 portions. And when talking about the separation of properties, there are different factors to consider in determining which spouse gets what. However, both parties are still entitled to receive equal portions of all the assets they’ve acquired during the marriage. So to avoid being stressed, it is recommended to seek a divorce lawyer to handle these matters for you.
And if you want to know more about this topic, then we invite you to continue reading as we are going to discuss how a trusted family law attorney in Woodland Hills, California facilitates in the division of assets in today’s legal guide.
Why It’s Necessary To Hire A Divorce Lawyer During This Matter?
Seeking legal remedy from a divorce lawyer is the most sensible thing to do when talking about the division of assets as they can guide you on how to split the marital property in the most practical and reasonable way. Likewise, the family law attorney in Woodland Hills can also educate you with the entire process as well as helping you on how to settle with the division of your home, car, money, family heirloom, and even debts with your ex-wife or ex-husband.
Equitable Distribution
In most US States, the court separates marital properties equitably. That means any assets acquired by the couple during the marriage will be divided according to the duration of the marriage, income and occupation of both parties, their ages, the basic needs of the parties involved and their children, their asset contributions, and any other agreements that were made by the divorcing couple.
Community Property
However in certain states like Arizona, Idaho, California, Washington, and Texas, the marital properties are being distinguished between a separate and community property before going through the legal process of the division of assets.
A community property (also called as ‘divisible property’) is basically all the properties attained during the marriage except for those that were acquired by inheritance or gift. On the other hand, a separate property comprises all the properties, including those that were given as inheritance or gift.
Once the couple gets divorced, each party divides the community property equally while retaining their own separate properties. And this matter will be carefully settled by the respective legal counsels of both parties, which will be further discussed in the next section.
The Role Of A Divorce Lawyer In This Process
Finally, the family law attorney in Woodland Hills will look through these details to make sure that you and your former spouse will get the most unbiased kind of settlement possible in terms of the division of assets:
- As previously discussed, your marital assets have to be properly classified as divisible and separate marital assets. This is important since there are instances when a couple used an inheritance property to purchase a jointly-title asset. And this kind of property can only be classified with the help of a legal counsel.
Aside from that, the attorney will also assist you in completing an equitable distribution affidavit once the value of your divisible assets is determined.
- Divorce lawyers can also help legally interpret any previous agreements set such as pre-nuptial agreement if this document will affect the way the properties are being divided during a divorce.
- A legal counsel for divorce can also assist you in other matters as a result of the divorce like who will stay in the house, the impact of the spouse’s behavior on property sharing, and settling of debts.
If you need professional help, you can contact the Law Offices of Leon Bennett today and schedule your consultation.
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