Looking for a lawyer for property division in Pasadena? In a divorce, the property is usually divided equally between both separating parties. This includes money, assets, and property. In high net worth divorces, the distribution may have more at stake but all divorce proceedings will equally divide properties. This can be a stressful and emotional time for anyone that is going through a separation, how do you determine who will receive what? There are options, such as a mediator, who can help you avoid court trials to determine who gets what.
However, if you have tried mediation or are looking to gain what is rightfully yours, a family law attorney may be your best bet. If there was no prenuptial agreement specifically stating what was deemed "yours" and "mine" in the event of a divorce, we strongly recommend retaining legal counsel. A divorce attorney can help you understand all the facets that may determine what could be divided and help you fight for your property.
What Is Considered Community Property?
The state of California recognizes any property that a married couple may have as "community property" in the event of a divorce. All community property is anything that was owned equally by both parties during the marriage, this can include:
Joint bank accounts
Even income that was generated by both couples during the marriage can be deemed as community property and could be divided between the couple. In a divorce, anything that is considered community property will be equally divided between the couple.
What is Considered Separate Property?
California family courts also respect the fact that some property is considered separate in a divorce and therefore it will not be divided between the two parties. Therefore if you have separate property, it will remain under your ownership and will not be dragged into the divorce agreement. In order for the property to be considered separate, it must meet one of the following requirements:
You brought it into the marriage
You inherited this property
Someone gave it to you as a gift
However, if you bring assets such as stocks and investments into a marriage, they must be kept in a separate bank account- anything assets that are kept in a joint bank account will be considered marital property and will be divided into two. The time that you purchase the property also has a lot to do with whether or not it will be considered marital or separate. If you bought a house under your own name, but you did so during the marriage, then it could be viewed as marital property. If one spouse has been accumulating money in a retirement account under their name, all monies that were accrued during the marriage could be divided equally.
Speak to a Divorce Lawyer in Pasadena about Property Division
Need an attorney for a property division case in Pasadena, California? Division of this property does not always mean an equal physical division. Sometimes, the property may be divided up by total value, including assets and debts. Every state has its own set of laws with regards to the division of property in a divorce. That is why you need an attorney who is well-versed in California family law.
Here at the Law Office of Fritzie Galliani, APC, we have been assisting families for over 30 years and we know what it takes to achieve the best possible outcome in your case. We believe that you deserve the very best, which is why we provide you with the high caliber legal service that you deserve. If you are going through a divorce and are concerned about maintaining your property and assets, it would be to your benefit to contact the Law Office of Fritzie Galliani, APC.
Call (626) 314-6738 today to schedule a consultation!