EQUITABLE DISTRIBUTION OF ASSETS
PROTECTING YOUR PROPERTY RIGHTS DURING DIVORCE
The division of marital assets is usually a contentious part of a divorce. However, when an individual works with an experienced divorce firm, they will have a knowledgeable advocate on their side to advise them of their property rights. At E&L, LLP, we learn what is important to our clients, so we can advise on when to settle or litigate.
We are experienced to assist and protect our clients’ property rights during divorce, whether they need a simple division of marital assets or valuation, and separation of complex financial holdings.
SEPARATING MARITAL ASSETS
If a couple cannot reach a settlement during a divorce, the court will decide how to divide the marital property. California is an equitable distribution state, however, equitable distribution does not necessarily mean the marital assets will be divided equally between the parties. Instead, the court strives for a distribution that is considered fair and equitable. Property division is based on several factors, including:
- Length of the marriage
- Age, health and income of each party
- Child custody arrangements
- Standard of living during the marriage
- Significant non-marital assets
- Economic disparity/incomes of the parties
SEPARATING NON-MARITAL ASSETS
Non-marital or separate property, includes property a person brings into the marriage and inheritances or gifts received during the marriage. Marital assets are property and finances which are acquired during the marriage, and they include:
- Personal property (such as vehicles, art and furniture)
- Real estate (primary residence and other property)
- Bank accounts
- Retirement accounts
- Stock options and portfolios
- Interests in a business or partnership
Marital debts, including mortgages, loans, credit cards and taxes, must also be divided. E&L, LLP can review your finances to determine which debts are joint and otherwise which are separate.
Contact E&L, LLP to schedule an appointment for your free consultation, or contact us online, regarding your family law matter, and determine how we may be able to assist you.