Calabasas Asset Division in Divorce Lawyer

Calabasas is one of the wealthiest communities in the greater Los Angeles area, so property division is a common point of contention in many divorces filed there each year. If you are ending your marriage, it is natural to worry about your financial future. A Calabasas asset division in divorce lawyer is the ideal resource to consult so you can approach this element of your case with peace of mind.

Helping Calabasas, CA, Clients With Asset Division in Divorce

The team at Hoffer Family Law Firm provides client-focused, responsive, and results-driven legal representation for divorce cases in Calabasas and throughout Los Angeles County. Jeffrey Hoffer wrote Ending Your Marriage in California: A Guide for Divorcing Wisely to help those preparing for divorce account for the various issues this process will require addressing, but specific legal counsel, face-to-face with an attorney, is important as you prepare for your divorce.

In California, all property division in divorce is resolved under the community property law. Any property and debts acquired by either spouse during their marriage qualify as community property, and each spouse will also likely have separate property that will not be subject to division. Under community property law, all community property is evenly divided between the spouses.

The financial aspects of divorce are common points of contention. It’s natural for each spouse to want to preserve their financial future, but both are required to comply with the law to ensure a fair division of assets. Your Calabasas asset division in divorce lawyer at Hoffer Family Law Firm can guide you through your divorce, ensure fairness in the outcome, and assist you in making sound financial decisions.

Understanding Asset Division in Your Calabasas Divorce

The US Census reports that about 7% of men and about 10.5% of women in California are divorced. While the divorce rate in California is lower than the national average, the state has the highest population in the country, so thousands of divorce petitions are filed statewide each year. When a couple files for divorce, one of the most important early steps each must complete is a financial disclosure statement.

A financial disclosure statement is a complete list of all financial records. Your statement must include details of your income, investment accounts, stock portfolios, real estate holdings, and valuable items like jewelry, vehicles, and artwork. It is crucial that your financial disclosure statement is complete and accurate. Your attorney can assist you with drafting this statement, and they can also help you define marital and separate property.

“Separate” property is not subject to division under California’s community property law. Separate property usually includes anything a spouse owned prior to marriage that was not comingled with marital property, gifts given to them, and inheritances. In some cases, separate property may “transmute” into community property, and your attorney can identify any such cases relevant to your divorce.

Ultimately, it’s possible for all types of disputes to arise during property division in a Calabasas divorce. Some individuals may attempt to hide assets to shield them from division, and conflicts may also arise concerning jointly held property, business interests, and complex investment accounts. Reach out to Hoffer Family Law Firm at your first opportunity to learn how we can help you resolve any such issues in your divorce.

FAQs

Q: What Happens if My Spouse Hides Assets in Divorce?

A: If your spouse willfully attempts to hide assets in a divorce, they could face contempt of court and various penalties. If you suspect that your spouse has any hidden assets, you should consult a Calabasas asset division in divorce lawyer right away. They can investigate the matter and determine the most viable remedies. Penalties could include fines, liability for your legal expenses, or even criminal charges for fraud.

Q: Do We Have to Sell the House in Divorce?

A: It is possible that some divorcing couples will need to sell their houses in a divorce. However, one spouse may retain ownership of the marital home in exchange for the other spouse receiving alternative property. It’s possible to configure asset division in various ways. Your Calabasas asset division in divorce attorney may be able to help you negotiate through alternative dispute resolution; otherwise, the asset division will be decided by a judge.

Q: What Counts as Community Property in a Calabasas Divorce?

A: In a Calabasas divorce, community property typically includes income earned by both spouses during their marriage, real estate they purchased during their marriage, shared business interests, and debts acquired by both spouses during their marriage. You should hire an asset division in divorce lawyer who can resolve any disputes about whether specific assets count as separate or community property.

Q: Will My Spouse Get Half of My Assets?

A: Your spouse may not get exactly half of your assets. California’s community property law is very clear and strict. All community property must be divided equally between the divorcing spouses. Other financial aspects of divorce, such as alimony, child custody, and child support, can sometimes influence the final terms of the divorce. Your Calabasas asset division in divorce lawyer will be a crucial resource for ensuring fairness in the outcome.

Q: Why Should I Hire an Asset Division in Divorce Lawyer?

A: You should hire an asset division in divorce lawyer to have a better chance of reaching a positive outcome to your divorce. This is a difficult process in several ways, and even if you and your spouse are on relatively agreeable terms, the financial disputes that can arise in any divorce case can quickly create a tense and difficult situation. Hiring legal counsel significantly improves your chances of resolving your case as smoothly as possible with a fair result.

The team at Hoffer Family Law Firm can provide compassionate, responsive legal counsel at every stage of your divorce case in Calabasas. Many divorcing couples in the area control substantial assets, and we have proven experience resolving high-net-worth financial disputes in divorce. Contact us today to schedule a consultation with a Calabasas asset division in divorce lawyer and learn more about the legal services we offer.