The division of marital assets and debts is a difficult reality in most divorces. Even in marriages in which a prenuptial agreement was in place, there will still be some property that was acquired during the marriage that will need to be divided. Assets could be liquid assets such as cash, bank accounts and other tangible assets. Intangible assets could include something of value that lacks physical substance such as a patent, copyright, franchise, trademark and others. Oftentimes, property division can become the battleground for spouses who cannot agree on anything, or who seek to punish their former partner.
In order to achieve a fair and equitable division of marital property, the parties must first identify all the assets of the marriage. California requires the identification of community and separate property. A Family Law Attorney will help you understand what is, and is not a marital asset subject to community property division. Lastly, a Family Law Attorney will work with you to understand the value of the assets. It is not uncommon for dishonesty or disagreement when valuating and dividing property, and is why having an attorney proves very helpful.
One of the biggest and most common liabilities that will need to be divided in a divorce is debt. One party may take more of the debt, in exchange for more of the assets. This is often an area for negotiation. A property settlement agreement is an effective tool for spouses to reach a quick and amicable division of property. They make an equitable division of their property in a manner that takes into account their personal circumstances. Courts often adopt property settlement agreements into the divorce decree and those terms are then binding on the spouses.
Division of debt in a property division scenario can be very difficult, as neither party generally wants to incur debt. Parting spouses don’t always agree, and help from a Family Law Attorney may be the difference between getting what you’re entitled to, and being left with whatever is left.
With skillful legal help, it is often possible for couples to reach an agreement on how to divide marital property, even for relatively complex estates. Whichever situation you find yourself in, Agape Law Firm is here to help.
If you are facing a divorce and you have property that you wish to retain and protect, then you will greatly benefit from the legal assistance of a San Diego Family Law Attorney. We have the skill and experience that it takes to successfully represent clients, and to help them achieve their goals during their dissolution of marriage. Your case is important to us and we will fight for your property.