One of the main purposes of the divorce process is to divide marital property. Though this may sound straightforward, in reality, it can be a contentious and complicated process. Property division is often where couples argue the most about what should happen, especially when discussing assets with high sentimental value.
If you are facing the divorce process, it is important to be prepared for the decisions you will have to make. Dividing community property may require a significant amount of compromise and negotiations. Be ready for this process to be a challenging one.
Fortunately, a divorce attorney can make the asset division process much more manageable. With a legal professional’s help, you can easily navigate asset division and move forward with your divorce process as quickly and painlessly as possible. Our team at Quinn & Dworakowski, LLP, is here to help.
With over 100 years of combined experience, our family law attorneys are well-qualified to help you with your divorce. We have seen many divorces of different kinds and with different circumstances. Whether you are facing an amicable divorce or a contentious one, we have the experience to offer you high-quality legal advice.
We understand that the divorce process is often emotionally complex. Our property division attorneys will offer honest, reliable legal counsel while remaining sensitive to your position. We are here to represent your needs, not to make the situation more difficult for you. You can rely on our compassion throughout the divorce process.
If you need a divorce lawyer to help you with your property division process, look no further than Quinn & Dworakowski, LLP.
Property division is the process of splitting assets and debts between spouses when they divorce. Because many couples share their finances and possessions, these things need to be divided between the two people as they start their new lives separate from one another.
California is a community property state, which means that all assets and debts that a couple accrues during their marriage are assumed to be shared by both individuals. For example, if a couple buys a car, it is considered to be a shared asset, even if one spouse is the primary driver.
All community property must be divided during the property division process. Each spouse should get an equal portion of their shared assets. This may mean selling assets and dividing the profits, or it may mean dividing assets so that each partner gets assets of approximately equal value.
For example, if a couple owns a home in Newport Beach, CA, they may sell the home and split the profits between them. If one spouse would like to remain in the home, they may keep the house as long as the other spouse can get assets that equal the amount of the home, such as cars, vacation properties, savings, etc. If a couple cannot split their assets equally, the assets will be sold, so the profits can be divided.
When you go through the divorce process, it is in your interest to have representation for the duration of the negotiations. Even if you believe that you and your spouse are splitting amicably, divorces can easily become contentious. When discussing assets, especially those with emotional value, arguments, and roadblocks often occur and often delay the process.
Having an attorney can help to ensure that the process progresses as smoothly as possible. When there are conflicts, your attorney will work with your spouse’s attorney to develop potential solutions. This takes the pressure off you and your spouse. Having an attorney also helps to ensure that you do not need to work directly with your spouse during this process, which can add emotion and frustration to your divorce.
Finally, having an attorney on hand is important to ensure the ultimate agreement is fair. Dividing assets is not as easy as it seems, and there is room for error and malice. To make sure your spouse does not take advantage of you or does not make a mistake to your disadvantage, hire a qualified attorney from Quinn & Dworakowski, LLP to represent you.
In most situations, the court assumes that all property a couple accumulates during their marriage is shared property. However, the court also assumes that any property you own before marriage becomes shared property when you get married. For example, if you owned a home before you met your husband and the two of you continued to live there after you got married, the house would be considered shared property during divorce.
Some couples sign prenuptial agreements before they get married. These agreements outline certain assets that will remain under the ownership of one spouse rather than becoming marital property. Though prenuptial agreements are not always enforceable, in most scenarios, they hold up during a divorce. If you signed a prenuptial agreement, the assets outlined in the document would not be eligible for division. However, all other marital property must still be split between the two.
If you signed a prenuptial agreement, it is crucial to find an attorney with experience dividing assets when a prenuptial is in effect. Our team has experience in both prenuptial and postnuptial agreements.
The average hourly rate for a divorce and asset division attorney is $250 per hour. However, many attorneys charge more or less than this depending on their experience. Some firms opt to charge a percentage of the settlement rather than an hourly rate. This can be confusing for clients who are looking for an attorney to represent them.
When searching for potential legal representation, it behooves you to discuss finances with each candidate. Doing so gives you a better indication of how much you will spend and how to budget throughout your divorce. Individuals who cannot afford their attorneys may lose representation before their divorce is finalized, jeopardizing several aspects of the negotiations, and resulting in unfavorable divorce terms.
A: Each spouse involved in a divorce, regardless of gender, is entitled to half of the marital property. This is any property that has been accumulated during a marriage and the property that each party owned individually before the marriage. The exception to this is any assets that have been outlined by a prenuptial agreement. To determine the value of what you are entitled to during your divorce, you must speak with an asset division attorney who can assess your circumstances.
A: Once a divorce has been finalized, few changes can be made to the property that each spouse retained; however, if one spouse discovers that the other concealed assets, including property, during the asset division process, they can request a court modification to take the concealed assets into account.
If a wife would like to retain a particular property during the divorce process, she should advocate for her needs with the help of a divorce lawyer.
A: As a general overarching rule, the marital property should be split evenly between two divorcing spouses. However, there are exceptions to this rule. Some property is exempt from becoming marital property because it has been outlined in a prenuptial or postnuptial agreement. If you have one of these contracts, the assets named in the document will not be split evenly during the divorce.
You may also sell items and split the profits 50-50.
A: During a divorce, assets get divided through negotiation or mediation. In traditional negotiation, the couple’s attorneys advocate for their client’s needs and work to develop an asset division plan that is fair to both parties. In mediation, the couple works directly with one another to do this job. Assets may be divided based on their value, or they can be sold, and the profits redistributed evenly to each spouse. It is possible to retain certain assets during a divorce.
A: Yes. Prenuptial agreements affect only certain assets, so they are often important during the asset division process. A prenuptial or postnuptial agreement cannot prevent you from getting spousal support if you deserve it, nor can it prevent other pieces of marital property from being evenly divided. A prenup only prevents certain assets from being marital property and should not affect child support, child custody, spousal support, etc.
Our team has been proudly negotiating asset division agreements for many years. We understand the stress and anxiety that often come with these negotiations and believe that our skillful negotiation can benefit your divorce process. Regardless of your income level or situation, we have the resources to support you during this time.
Please contact Quinn & Dworakowski, LLP, to learn more.
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