Helpful Tips for Dividing Property in a Divorce
The division of marital property during divorce may feel like a daunting task. Experience with the types of property law issues that arise in the Silicon Valley area is a must, including those concerning stock options, employment and retirement benefits, intellectual property, and community and separate property. Here are some tips to think about regarding property division during a divorce:
Understand Property Division Laws
In California, the law states that the community estate should be divided equally unless there is a written agreement requiring a particular division of property. This means that from the total assessed value of your community assets, subtracting the debts of both parties, giving you the net community estate. Each spouse should receive half of the net community estate and there may be a variety of paths to attain this objective.
Determining Separate & Community Property
California law describes community property as any asset attained or income earned by a married person while living with a spouse. Separate property is defined as anything attained by a spouse before the marriage, during the marriage by gift or bequest and after the individuals separate. It often happens that community and separate property are mixed together either deliberately or mistakenly, in which case characterization can become complex.
Consider Long Term Consequences
Divorce can be a highly emotional event and it may be easy to fall into the mindset of “just get it done” or the opposite, wanting to come out with the “biggest” settlement. However, considering your financial situation and future needs is important. Considerations include affordability of existing payments, upkeep, retirement, alimony and child support. Contentious issues may come up but keeping things in perspective and planning ahead can pay off in the future.
Hiring a Mediator or Attorney
Most cases settle without a trial or other significant litigation, which means they are resolved through one or more agreements, such as a property settlement agreement. These agreements may be accomplished through mediation, through meetings between attorneys, through written offers and counteroffers, or through court programs where a court employee or a volunteer attorney meets with the parties and their attorneys if they have one to discuss the issues.
To discover more about how Di Maria & Cone can provide effective and creative solutions based on your individual legal needs, please visit our website today or call us at (650) 321-4460.
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