Asset, Property, & Debt Division Guiding You Through Difficult Times

VENTURA ASSET & PROPERTY DIVISION LAWYERS

Legal Representation for Matters Involving Community Property During Divorce

Determining asset and property division is an important part of the divorce process. California is a community property state, which means that there is a general presumption that both spouses are entitled to one half of property acquired together during their marriage.

Unfortunately, asset division during a divorce is not as easy as it might seem. There are many other factors to consider when dividing assets, such as:

Who should get the marital home?
What happens to shared debts?
How should a property be divided?
What do you do if you suspect your spouse has hidden assets?
What are the separate property claims of either spouse?
How do you trace the separate property or community property claims?

An asset and property division attorney can walk you through this process, answer any questions you might have and assist you with property valuations.

How Are Assets & Property Divided in California?

According to California’s community property laws, both spouses own all assets and debts acquired together during their marriage. If they get divorced, they must divide these assets equally. They can divide these assets by allowing one spouse to buy out the other, selling the assets and dividing the amount equally, or assigning certain assets to each spouse.

Spouses have the option of deciding how to divide these assets as equally as possible, or they can go to court to seek assistance from a judge.

When it comes to property, spouses will need to determine which property can be divided. Community property can be divided; on the other hand, separate property does not legally have to be shared or divided equally.

Understanding Community vs. Separate Property in Divorce

In California, property acquired during the marriage is presumed to be community property, subject to separate property contributions to the acquisition of the property. Property that is determined to be community property is equally owned by the spouses. Separate property is property that was acquired before the marriage, after the date of separation, or by gift or inheritance.

Strategies for Fair Property Division in Ventura

The following steps should be considered when you and your spouse decide to divide your property:

Determine whether your property is community or separate property
Figure out what the value of your community property is
Decide what you and your spouse want to do with your community property
Decide how to divide your community property
If you need assistance, hire an experienced attorney

Determining Who Gets the Marital Home in a Divorce

It is not always easy to determine which spouse will get the marital home, and it can get complicated when children are involved, because they must be factored into the decision-making process.

The first step is to figure out if you are going to keep the marital residence or sell it to a third party.

If the marital home is separate property, it belongs to the spouse who purchased it with separate property. If it is community property, the home belongs to both spouses and there are a few options you can pursue:

Sell the home and split the profits:

This is often an option if it is not financially feasible to maintain the upkeep of the home.

Buy out your spouse:

You can take ownership of the marital home by buying your spouse’s share.

Share the residence with your spouse:

You can stay on the title of the home with your spouse and continue to own it together. This is typically a temporary fix when children are involved so they can continue living in the home they grew up in.

Property & Asset Division Services in Ventura

With over 70 years of combined legal experience, our lawyers have extensive experience handling the division of property and other business-related issues.

Clients facing a divorce can get assistance with:

Spousal support payments
Dependency exceptions
Division and transfer of property between spouses
Allocation of interests in pension and profit-sharing plans

We can also assist you with the valuation of:

Real estate
Professional practices
Closely held businesses
Investments
Syndications

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How Our Ventura Asset & Property Division Lawyers Can Help

Our attorneys are experienced in representing clients in complex divorce matters involving extensive assets. When appropriate, we will engage the services of qualified experts for community property appraisals or valuations. A thorough review and analysis of your financial assets and liabilities could result in a reasonable settlement without the necessity of costly, protracted litigation.

Contact us online or via (805) 222-7818 to book a consultation to discuss your case today.

An Emphasis on Strong Family Values

Our firm places a strong emphasis on the importance of family values. The balance between maintaining these family values and generating a better future for you and your family is one we strive to achieve with each case. Our values consist of:

Holistic Approach

We aim to resolve conflict so you and your family can move on peacefully. We approach all aspects of a case, including the emotional, financial, and mental components, and advocate with you throughout.
Collaboration

Collaborative divorce can be a great option for spouses looking to share joint custody of their child/children and the court looks favorably on this decision. When possible, we strive to come to a resolution that will benefit both spouses.
Children Come First

We respect the fact that our clients trust us with important life-decisions. We strive to be as understanding and empathetic as we can with you and treat you like we would treat a close family member.
Compassionate Legal Services

We respect the fact that our clients trust us with important life-decisions. We strive to be as understanding and empathetic as we can with you and treat you like we would treat a close family member.

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