Property Division
California is a community property state. In the case of a divorce, this means that property accumulated during the marriage belongs equally to both parties and it must be divided. Debts and obligations incurred during the marriage also must be considered and fairly allocated. The mandatory property division process pursuant to a divorce can be a much more complex process than people realize.
If you don't handle the situation correctly, the property split can be unequal. For example, it can be predetermined that one spouse will be the one to get a particular asset, such as a house or a business. If that asset is overvalued, the spouse receiving that asset will be on the short end of the stick, so to speak. Another example is where one spouse received an asset with very high tax obligations attached to it, such as a retirement account. The court usually will not discount the asset, and treat the retirement account as if it were cash in the bank. Many other situations can result in one party being treated unfairly.
As a result, good, sound legal advice is critical before you commit to a property division. The Law Offices of Maynard & Hogan is ready, willing and able to help you to maneuver through this process whatever your situation is to achieve the most equitable results.
Our firm has extensive financial and tax expertise in addition to our tough, no nonsense divorce and custody skills. If you need help to pursue a wily spouse, or to deal with tax or financial issues in your divorce, you should come talk to us before retaining another attorney. Getting a divorce is a major financial transaction for anyone who has accumulated assets, including a home, investments, retirement plans, personal collections or hobbies. Dividing or selling these assets can have tremendous tax consequences, and most divorce/family law attorneys have little to no knowledge of the tax ramifications of the decisions that you are about to make. In addition, if it is possible that your spouse has hidden money or property from you, you need an attorney who has experience searching out the secrets of the more crafty persons among us.
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