Blog
Call for a free initial consultation
Law Offices of Benita Ventresca408-395-8822
20 S. Santa Cruz Ave., Suite 212, Los Gatos, CA 95030
Offering Limited Scope Service
Mediation and Litigation
Subscribe to this list via RSS Blog posts tagged in division of property

Los Gatos, CA divorce attorney for 401(k), IRA, pension plansWhen getting a divorce, you will need to address a wide variety of complex financial issues. Since California is a community property state, the property division process will need to address all of the assets and debts you acquired during your marriage and ensure that you and your spouse each receive an equal share of the marital estate. Retirement savings accounts and pension plans can often complicate asset division. These assets will need to be properly valued, and the right procedures will need to be followed when dividing them between you and your spouse.

Using a QDRO to Divide Retirement Accounts and Pensions

Retirement savings often represent some of the most valuable assets owned by a married couple. These may include employer-sponsored retirement plans such as 401Ks or individual retirement accounts (IRAs). In some cases, the full balance in an account may be considered marital property. However, if one spouse contributed to an account before getting married, some of the funds in the account may be considered separate property. The assistance of a financial expert may be needed to determine the value of an account at different points in time and establish the marital portion of these funds.

Determining the value of a pension plan can often be even more difficult, since the amount that a person will be able to receive in pension benefits may not be known until they reach retirement age. The actual value of these benefits will depend on the amount of income a person receives, the amount of time they worked in a pension-eligible position, and the number of years they expect to receive benefits after retiring. A person’s ex-spouse will be entitled to receive a percentage of their pension payments, depending on the amount of time they were married while working in the job where they earned these benefits.

...

Los Gatos, CA property division lawyerOne of the most challenging aspects of a divorce is the division of property between you and your spouse. Disagreements often arise over who will retain certain assets and debts, and splitting things up may put a strain on both of your finances. However, if you and your spouse are open to cooperation, you can reduce stress over the division of assets and take control by creating an agreement that works for both of you.

How Is Marital Property Divided in a California Divorce?

In California, assets and debts acquired by either spouse during the marriage are almost always considered community property, meaning they are jointly owned by the two of you. In a divorce, the court will ensure that community property is divided roughly equally between the spouses, and because divorce is considered no-fault in California, neither spouse’s behavior leading to the divorce will likely impact the distribution.

If you leave the decisions about property division entirely up to the court, the result will likely be financially equitable, but it may not account for each partner’s specific preferences. If you wish to have more control over the decision, you and your spouse should attempt to reach an agreement cooperatively. A skilled divorce mediation attorney can help guide your negotiations to minimize conflict and ensure that both of your interests are accounted for.

...

Lost Gatos, CA prenuptial agreement attorney

Every single year, thousands of couples in the state of California make the difficult decision to file for divorce. While some divorces can be fairly amicable, the divorce process almost always comes with complications. In some cases, the development of a prenuptial agreement can save you time, money, and disputes down the road. Below, we will explain the benefits of a prenuptial agreement, and why it may be wise for you to speak to your significant other regarding your finances prior to marriage. 

Why You Should Consider a Prenuptial Agreement 

Often called a prenup for short, a prenuptial agreement is a written contract developed by two people prior to their marriage. The agreement will dictate how property and assets will be divided in the event of a divorce. While asking your future spouse to sign a prenuptial agreement may be a difficult conversation, the agreement can ensure your financial security and save you from the possibility of a contentious divorce. 

...

Los Gatos divorce attorney for division of real estateThe divorce process can be an emotional and challenging time for all parties involved. Difficult financial decisions will need to be made as you separate from your spouse, and one of the most significant issues involves who will own your family’s home. Your marital home is likely to be one of the most valuable assets you own, and it can play a key role in the division of marital property. It is important to understand how California’s divorce laws address the division of residential property, and you should work with a family law attorney to determine the best way to proceed throughout the divorce process. 

Dividing Real Estate Property

As you work through the divorce process with your attorney, there are a number of critical steps you need to take regarding your residential property. First and foremost, you must establish whether the home is separate or community property. In the state of California, most assets and debts accumulated by either spouse during a marriage are community property, and they must be divided equally between spouses. However, assets received by one spouse as a gift or inheritance are typically considered separate property. Property purchased after the couple has separated, but prior to the divorce, is also regarded as separate property that will not need to be divided between spouses 

It should also be noted that property purchased or acquired prior to a marriage is generally considered separate property. However, a home that was separate property can become community property if the spouses agree to to redefine the asset or if it became commingled with community property during the marriage, such as when both spouses consistently made mortgage payments or shared other expenses related to the home. 

...

Posted on in Divorce

San Jose, CA divorce lawyer

When a couple is involved in the divorce process, one of the most important issues they have to face is the division of marital property. When emotions are running high, it can be difficult to remember all of the assets that need to be accounted for and addressed, especially for couples with a complicated assortment of financial investments and debts.

Tangible Assets

This can include many items, but among the largest are a couple’s home and automobiles. Often it makes sense that one party will stay in the family residence, and in that case, the other party will generally be due compensation to make up for whatever value and/or equity that may have accrued. If both spouses want the house, that will have to be determined through mediation or a decision by the court if no agreement can be made. Another option is for the house to be sold and the profits split evenly or equitably between the divorcing spouses. As for cars, both parties will likely keep their own vehicles, if they each have one. 

...
Google Map Marker

Law Offices of Benita Ventresca

20 S. Santa Cruz Ave., Suite 212
Los Gatos, CA 95030

Phone Icon

Call us for a free initial consultation

408-395-8822
FBK TWT

Conveniently located in downtown los gatos and
close to highway 280, 85 & 880

FREEVALETPARKING

Back to Top