Is Asset Division Simpler In California Because Of Community Property Law?
The concept of community property – that both parties own an equal share of the marital estate – does seem like it would make things simple. However, the truth is that the valuation and division of property can be complex since there are separate property issues that are also considered. Some assets can be a mix of community property and separate property.
At Law Offices of David K. Yamamoto, we are lawyers with a combined 40 years of experience in family law and property division issues. We guide our clients in Torrance and surrounding communities through all their questions and confusions around the division of property in California and advocate for the outcomes they deserve.
What Do We Mean By ‘Asset Value’?
A common concern amongst people considering divorce is what will happen to specific assets. This asset-centered approach may focus on:
- A vehicle
- A small closely-held business
- The marital residence or another piece of real estate
- Retirement accounts
- Family heirloom or personal items of sentimental value
- A small closely-held business
- The marital residence
- Investments
- Real estate investments
- Private equity
- Intellectual property
- Copyrights Patents
- Retirement accounts
- Collectibles and antiques
Tangible and intangible assets can be challenging. However, assets can be assigned a dollar value and that value can be accounted for in the exchange of assets. Sometimes, this might mean liquidating assets, such as selling a home or a business and dividing the proceeds. In other cases, it might be worked out through trade-offs of other assets or concessions involving alimony or debt allocation.
Additionally, many of the assets people feel the strongest about may, in fact, be considered separate property under the law, such as gifts or inheritances, or simply possessions that predated the marriage. Thus, allocating assets between spouses is not always straightforward or a simple divide-by-two equation, but our attorneys are well-versed in strategies to balance it out in a fair and practical manner. We regularly represent high net worth clients in the South Bay and Los Angeles County area who have substantial estates and complex assets.
Your Goals Are Our Guide
Because there is a great deal of fluidity in how a community and separate property discussion may go, understanding what you want is important to us. We will speak to you about your case to get to know what matters most to you. Once we understand your goals in your asset division case, we will begin to discuss the law and strategies to advocate for you.
As your attorneys, we will prioritize an equitable solution. We’ve seen that this leads to greater satisfaction for our clients in the long term. Your property division discussions do not have to be acrimonious. You have options. Call our office at 310-905-6463 today to find out how we can get to work for you. You can also send us an email.