Newport Beach Division of Assets Lawyers Helping Clients Split Assets and Debts Equally
Divorce often involves the division of assets, property, and debts. As a major source of conflict during divorce proceedings, it is often a very strenuous and emotionally exhausting affair for many people. However, it is a necessity if you’re going to pick up your life and move on.
Getting your fair share of the assets you’ve spent your married life building is vital to securing your future, as well as that of your children.
If you’re currently dealing with this in your divorce case, you need all the help you can get, to ensure that you get a fair share of the property and assets you’ve spent your life building with your ex-partner.
At Sarieh Law, our Newport Beach division of assets lawyers can help make this process as civil and as stress-free as possible. We can help protect your property, and assets, as well as ensure you don’t take on more debt than you should.
Our highly qualified divorce attorneys are uniquely skilled at protecting our clients’ financial interests, as well as resolving their asset division problems. This way, no one feels as though they got less than an equitable share of the assets and properties. Let’s do the same thing for you today.
Division of Assets in Newport Beach, CA
Unlike many other states, California adopts a community property approach. This means that as a community property state, all properties, assets and debts acquired during the course of the marriage, are owned by both entities.
As a result, both spouses are entitled to half of the estate upon their divorce and legal separation. While this seems pretty easy in theory, the reality is that it’s often more complicated than just tallying all assets and debts, splitting them right down the middle.
For instance, separate properties and assets can cause considerable headaches. Separate properties are properties acquired before the marriage, obtained through inheritance or gifting –often given to just the individual alone. Ideally, these properties, assets, and their proceeds are exempted from the division of assets process.
Now, if some community money –income earned during marriage- has gone into paying for or maintaining those properties/assets over time, this could change. The courts might consider it as part of the community property, even though it was acquired before the union.
And this is not just limited to properties. Other assets, financial investments and even paintings can be subject to division. Some of the assets that are often subject to division include:
- Comingled Businesses, bank accounts, and cash
- Retirement accounts, Roth IRAs, 401Ks and pensions
- Investments like treasury bills, bonds, stocks, mutual funds and even crypto
- Properties acquired during the union, including rentals and vacation homes
- Jewelry, furniture, and paintings
- Books, collectibles, and antiques
Newport Beach Division of Assets Lawyers Can Help
All these can complicate an already complex situation. Which is why you need a solid ally in the form of a Newport Beach family law office to help ensure that you don’t get “robbed” or cheated.
Sarieh Law’s Newport Beach division of assets attorneys are uniquely skilled at helping both parties reach an amicable agreement. Call Sarieh Law today on 949-828-2267 and let’s see how we can help you get what’s yours.