Divorce necessitates parting spouses to resolve numerous key issues. Amongst the most pertinent matters in question is asset allocation. The Tierney Law Group requests you continue reading this blog discussing several pertinent aspects of this process and how a Pleasanton CA family law attorney might prove useful in satisfying this mandate.
The Community Property Principle
California adheres to a civil mandate known as the community property principle. This means the assets spouses earned during their married life are owned equally by said factions.
Are Divisions Always Completely Even?
Equitable division does not always mean an even down the middle split. Courts only require marital property, the holdings the couple accumulated during the time they were married, be split as evenly and fairly as possible.
Specific Assets To Be Divided
Typically, when people think of marital assets, thoughts of money and the home a couple resided in come to mind. That said, California law mandates that the separating subjects equitably divide the entirety of the materials they accumulated since they wedded. Such ownings include possessions, like:
Property does not merely mean homes. Also included in this category is land or other structures, like commercial buildings.
Money encompasses a broad array of assets. Naturally, this refers to cash found in common holdings, such as, checking and savings accounts established at financial institutions. However, also referenced are investments, including stocks and bonds.
Transportation crafts, such as, automobiles, trucks and boats are subject to division.
Miscellaneous ownings, like artwork, furniture, clothing, sports memorabilia, antiques and various other household goods must be shared.
Holdings, like life insurance policies possess cash value and often must be handled accordingly.
Accounts, such as IRA’s, 401(k)’s and pensions are liquid assets holding specific cash values. Typically, these ownings are also included in the equitable asset division process.
Determining Who Gets What
Even during the most amicable splits, asset allocation can be a challenging and potentially contentious process. In many instances, individuals worked hard to attain specific property and offer a certain degree of reluctance to merely give said holdings up. Ergo, before beginning this process, one should consult with a Pleasanton divorce and family law attorney.
Said legal professional can help a prospective client identify all pertinent assets and advise the divorcing person what assets must be divided. Adopting a fair and equitable plan often requires a significant degree of negotiation and compromise amongst the disputing parties. A divorce attorney in Pleasanton CA can employ their negotiation skills, act on their client’s behalf and work with their soon-to-be former partner and said individual’s lawyer to iron out an agreement both sides can accept.
Unfortunately, the debts a couple accrued during their marriage does not magically disappear when they separate. Responsibilities, such as, credit cards, loans and mortgages must also be split as fairly and evenly as possible.
What If A Prenuptial Agreement Exists
A prenuptial agreement is a contract individuals enter prior to wedding. Oftentimes, these legally-binding agreements cover topics, including how specific issues, like property division will be handled should the couple split. Therefore, if a valid agreement is in place, the couple are bound to follow the dictations set forth in said contract.
How Can A Lawyer Help?
Divorce is a challenging and confusing time for most. A Pleasanton family law attorney can serve as a divorcing party’s advocate, help clarify confusing legal and financial issues, negotiate the best possible divorce agreement and even represent them in court if the splitting spouses cannot reach an amicable agreement.
Though divorce is an emotional and difficult period in one’s life, rendering emotional decisions or acting on impulse could have serious and lasting consequences. Ergo, Alameda County residents considering divorce are strongly encouraged to contact a Pleasanton divorce lawyer employed by the Tierney Law Group. Our team of experienced legal authorities might prove valuable during this tumultuous time. More about us can be found at https://tierneylawgrp.com/.