Property Settlement Lawyer in Los Angeles, CA
California is a community property state, which means that all assets and debts acquired during the marriage should be divided as close to 50/50 as possible. Separate property is defined as anything acquired by a spouse before the marriage, during the marriage by gift, devise, or bequest, and after the parties separate. The law requires that the community estate be divided equally if there is no written agreement requiring a particular division of property. A Los Angeles property settlement attorney at Boyd Law can answer any legal questions or concerns you may have. This means that from the total fair market value of the community assets, the joint obligations of the parties are subtracted, yielding the net community estate. Unless agreed otherwise, each spouse must receive half of the net community estate.
Sections 760 and 771 of the California Family Code outline the state law pertaining to community property. During a divorce proceeding, a judge will equitably divide community property based on possession, the wage earnings of both parties and the length of the couple’s marriage. Unless a couple signs a prenuptial agreement, California community property law only applies if the couple divorces in the state. The Los Angeles property settlement attorneys at Boyd Law work diligently to help you reach a fair community property settlement during divorce.
If you do not have children a property settlement agreement (PSA) may be all you need to get divorced. A property settlement addresses the home, retirement assets, marital property and marital debts. Many people want to write their own property settlement agreements and this is okay. You are not required to hire a property settlement attorney in LA. However, if you do not word the settlement correctly, the other party may come back at a future date with claims against your property.
Often couples think they have an agreement, only to discover that they have unresolved disputes. Settlement agreements must be complete; or the court will not accept it unless you agree on every detail. This is why you should have your documents drafted or reviewed by an experienced Los Angeles property settlement attorney at Boyd Law.
When you hire our attorneys, we will work with you to gain a complete understanding of your goals. We will devise a plan and work to reach your goals. If there are disputes over what should be classified as community property and separate property, we will do everything in our power to resolve the dispute in a way that benefits you. Our Los Angeles divorce lawyers have access to valuation experts who specialize in specific types of property, and they can help us determine a fair value prior to the division of the assets. Some items that may require valuation include real estate, homes, autos, antiques, home furnishings, retirement accounts and other types of property.
The following types of property can be divided through a property settlement:
Getting an accurate inventory of all assets is essential to the marital property settlement process. Our firm is also skilled at handling cases in which a spouse is suspected of having hidden assets. We utilize our sources and hire forensic accountants and other investigators to trace hidden assets.
A property settlement can address such legal issues as child support, a child’s education, alimony, medical expenses, tax deductions, who has the kids for the holidays, and others. For all practical purposes, a property settlement can yield the same results of a divorce, without actually getting a divorce.
At Boyd Law, our Los Angeles famiily lawyers assist couples in dividing their property whether they are getting a divorce or not. We offer a variety of divorce services, and are ready to assist clients with the most difficult of property division issues. When assets in a divorce are significant or complex, it is important to have an experienced Los Angeles property settlement attorney on your side to help you navigate the process. Contact our office today at 310-777-0231 for a free consultation.