Personal & Inherited Property in Divorce
Divorce Attorneys Assisting With Personal & Inherited Property
Hiring a divorce attorney with experience navigating California marital property law can mean the difference between a settlement you can live with and one that is totally unfair. Courts in California have broad discretion when it comes to dividing marital assets and debt between divorcing spouses. Community property can be divided in any proportion the judge feels is equitable, or fair, after the consideration of a long list of factors.
If you are contemplating divorce, it is essential that you seek the assistance of Kaspar & Lugay, LLP. Our California divorce lawyers provide clients with sound legal advice as well as effective representation in matters related to property division in divorce.
Contact us immediately if you have questions about how the property you and your spouse own will be impacted by divorce. Time is of the essence, especially if divorce filings have already been made.
Our lawyers will help you identify all types of individual and community property you may have an interest in, including the following:
- Retirement accounts
We will help you determine the most efficient and beneficial terms. When offering our counsel regarding division of marital assets and debt, our approachable legal team will explain the tax implications of each strategy in light of spousal support, child support, and other considerations.
We offer initial consultations to prospective clients. For scheduling, call 415-843-6195!
California Family Code § 760 states “Except as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” Let’s take a look at what that means from a practical point of view.
Defining property as separate, commingled, or marital
If the property was brought into the marriage by one spouse (or inherited by that spouse during the marriage) and was kept separate throughout the marriage, it will most likely remain a protected asset for that spouse. On the other hand, if inherited funds were commingled with the other spouse’s financial resources during the marriage, some or all of the inheritance may have lost its status as separate property. That portion of the inheritance that is now community property will be considered part of the marital estate to be divided.
Does real estate need to be sold or can it be divided?
It may be difficult to divide an estate when inherited real estate has become community property. It may require selling the property. On the other hand, you may have other assets that you can cede to your spouse in exchange for keeping the inherited property whole.
Some assets that can be leveraged in negotiation include:
- Retirement assets
Your business interests and career may be essential concerns. Whether you own a company, have a partnership interest in a professional practice, or are working on a film or recording project, you need a lawyer who can assertively guard your financial future.
Businesses, Entertainment Projects & Complex Assets
If you or your spouse has an interest in a partnership, limited liability company (LLC), or another closely held company, our attorneys will provide thorough and analytic services to protect your interest in the business and maximize the resources involved.
We can also provide you with legal counsel regarding:
- Business valuation
- Division of partnership
- Transfer of shares
- Partial buyout
- Transfer of business control
We enter each California divorce case we handle with determination to understand every nuance and find the best strategic approach. In matters of company, project, and franchising valuation, we turn to the most qualified industry experts, forensic accountants, and other professionals available to assess our clients’ positions.
At Kaspar & Lugay, LLP, we can help you take the following steps to safeguard your business and property rights:
- Arriving at an accurate valuation of any family business, legal or medical practice, corporate holdings, partnership interest or other complex assets
- Evaluating entertainment projects that are not yet monetized
- Projecting future value of franchising, royalties, and other aspects of projects in progress
Determining the status of your property and developing a strategy to ensure you leave the marriage with what you are entitled to requires a consultation with an experienced family lawyer. Contact us immediately to schedule a consultation.
Whether you’re reaching your breaking point or needing to modify a pre-existing judgment or agreement, your team at Kaspar & Lugay is ready to help you explore your options and develop a winning strategy.
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