In October 2009, after 30 years of marriage, Jamie McCourt filed for divorce from her husband. It was a standard filing, citing irreconcilable differences. The high-net-worth divorce proceedings which ensued were anything but “standard” and involved an alleged affair, lots of press, bankruptcy, and a baseball team.

The McCourts: A Lesson in High-Net-Worth Divorce

At the time of the filing, Jamie had just been fired from her role of CEO of the Los Angeles Dodgers baseball club. Frank, was owner and chairman of the club, which he bought in 2004 for $430 million. The couple had achieved significant success in business, but all the “fun” began once Jamie filed for divorce.

Once divorce proceedings began, numerous allegations emerged from both sides. Frank alleged that Jamie had had an affair with her bodyguard and driver, Jeff Fuller. As a result, Jamie was fired from her job for “insubordination, non-responsiveness, failure to follow procedures, and inappropriate behavior with regard to a direct subordinate.” At the time of the firing, Jamie was still a co-owner of the team. She alleged that she was fired by Frank so he would be able steal her share of the team, since, having been fired, she would have no right to any claim of any portion of the company. That’s when she filed for divorce.

Community Property Laws in California

California is a community property state, which means all property and assets (and debts) acquired by the couple during marriage is legally considered community property owned by both spouses equally and should therefore be divided equally in divorce.

However, things get considerably more complicated when one or both spouses has a high net worth or substantial property and other assets, which is where the expertise of a complex property division attorney is vital. In the state of California, complex property division involves the distribution of high-value marital assets, including retirement accounts, ownership rights to a business, professional practices and investment portfolios, among others, which can be a hotly contested issue for some couples.

How a Los Angeles Divorce Can Affect Your Assets

Emotions are typically running high when the beginning stages of a divorce are put in motion. Often, high-earning spouses going through the steps of getting a divorce simply want some assurances that the assets and property they owned before their marriage, and the lifestyle they have grown accustomed to in marriage, are protected and that they won’t be left in financial ruin once the divorce is finalized. California law dictates across the board that community property be split 50-50 between spouses seeking a dissolution of marriage, but not all divorces are that simple. Los Angeles is an affluent city and many couples enter into a marriage with significant property or earn high-value assets during the course of their marriage, or both. And when such a marriage ends in divorce, it is imperative that each spouse receives a fair division of the marital property, which may include the increase in value of real estate and retirement accounts, among other shared assets. When it comes to splitting up valuable marital property in divorce, it is imperative that the assets, property and debts are evaluated carefully and thoroughly to ensure an equitable division of property between the spouses upon the dissolution of the marriage. It is also important that each spouse is forthcoming about his or her income and earnings, as well as debts, so that an accurate and reasonable agreement can be reached.

Some of the high-value assets at risk in high net worth divorces include:
• Pensions
• Stock options
• Corporate business assets
• Business valuations
• Inheritances
• Professional practices
• Investment portfolios
• Residential and commercial real estate
• 401(k)s, IRAs and other retirement accounts

Even Uglier for the McCourts

In addition to the fact that the two-some shared the Dodgers, things got even uglier when the allegations started flying. She alleged that Frank was understating his net worth by hundreds of millions of dollars to avoid paying her, meanwhile stating that she needed as much as $989,000 a month to maintain her lifestyle. That lifestyle stipend, as it was soon discovered, was salaries for a household staff of eight, tuition and living expenses for the couple’s four sons, private jet travel, accommodations at five-star hotels, security escorts when traveling, as well as house calls from her hair stylist and make-up artist.
Bankruptcy for the Dodgers
In addition to the divorce, the Dodgers were also headed for the skids financially.
A one-day trial was scheduled to determine whether the Dodgers was community property of Frank and Jamie McCourt or the sole property of Frank. That one-day trial was canceled when the Dodgers filed for Chapter 11 bankruptcy protection on June 27, 2011.

On March 27, 2012, it was announced that the Dodgers would be sold to Guggenheim Baseball Management LLC, a group of investors fronted by Guggenheim CEO Mark Walter, former LA Lakers player Magic Johnson, baseball executive Stan Kasten, and film mogul Peter Guber. The sale exceeded $2 billion, making the sale the largest for a professional sports team in history,

The Final Divorce Settlement

After much back and forth – in both court and in the tabloids, the McCourt’s high-net-worth divorce was finally settled for a $131-million settlement, about $900 million shy of a 50-50 split on January 19, 2012. At that point, the Dodgers and team’s media rights had already been agreed on to be sold.
“Jamie simply chose the security of a guaranteed $131 million payment, plus more than $50 million in real and personal property, over the uncertainty and risk presented by the valuation and sale of the Dodger assets,” the ruling stated.
And with that, the so dubbed “War of the Roses” came to an end.

Filing for Divorce in Los Angeles

In order to file for divorce in the state of California, there are certain residency requirements that must first be established. First, either you or your spouse must have been a resident of the state for six months prior to the divorce filing, and the spouse doing the filing must have lived a minimum of three months in the county where he or she plans to file the divorce.

A divorce case in Los Angeles begins when the spouse requesting the divorce (the petitioner) files a petition for divorce, asking the court to dissolve the marriage and address any other issues arising out of the marital relationship, such as child custody, child support, spousal support and the division of debts and assets. If the other spouse (the respondent) fails to file a response to the petition for divorce, or the divorce is uncontested, meaning the parties are able to work together to settle their issues via written agreement, the petitioner can move forward with filling out the proper forms and filing them with the court. If the divorce is contested, meaning the parties are unable to agree on issues central to the divorce, the case will go to trial.

As you can see, the process of filing for divorce in Los Angeles is not all that different for high-net-worth individuals and entrepreneurs as it is for the average person, though with the former there are greater assets at risk. As a result, in high-net-worth divorces in Los Angeles, it becomes more important than ever that the high-net-worth spouse enlist the help of a knowledgeable divorce attorney and keep a careful accounting of his or her property and assets.

How an Experienced High-Net-Worth Divorce Lawyer Can Help

Any couple going through a divorce likely has to face the issue of asset and debt division, but when a couple’s or individual’s high-net-worth comes into play, the stakes are automatically higher and the two parties are often willing to fight harder and more aggressively to reach an outcome that is in their favor. An experienced Los Angeles divorce attorney can help you navigate the complex issues that come along with a high-net-worth divorce, including property settlement and spousal support. An important consideration in terms of property settlement, for example, is the fact that separate property, or property that the high-net-worth spouse owned prior to the marriage, are not included in California’s community property provision.

One way to avoid disputes that can cause divorce proceedings to drag on is to prepare a detailed accounting of your assets and any offshore accounts, real estate holdings and businesses, which can be complicated and time-consuming. If you are involved in a high-net-worth divorce in Los Angeles, our legal team at Divorce Lawyers Los Angeles can help you determine which property and assets are separate and which are marital and can help you establish the appropriate value for each. Our attorneys have a passion for representing clients in all areas of family law, including marital property division and asset protection, and are willing to go to battle on your behalf, should that become necessary.

Free Divorce Consultation in Los Angeles

No divorce is without its complications. However, the circumstances surrounding a high-net-worth divorce in Los Angeles can make the divorce process even more complicated and contentious. High-net-worth divorces in Los Angeles that involve significant marital assets require the help of an experienced divorce lawyer who isn’t afraid to aggressively represent your best interest in mediation or at trial if your case goes to court. Our attorneys at Divorce Lawyers Los Angeles provide competent, professional representation for individuals involved in contested divorces involving significant assets, investments or business interests. If you are going through a divorce and are concerned about protecting your wealth, contact our legal team today for a free initial consultation.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

A few years ago you may never have considered adding a social media clause to your prenuptial agreement. Well, the times have changed.

Your Prenuptial Agreement Needs a Social Media Clause

A few years ago – in the “prehistoric” time before Facebook and Instagram dominated our phones (and our time) – we most likely wouldn’t need to have this conversation. As social media has risen, it’s become clear that a lot of us take to our personal pages to rant and rave about everything in our lives – from not getting the service we deserve to showcasing photos of the best ice cream sundae we’ve ever had. It goes without saying that those rants and raves extend to the people in our lives – especially when those people are our soon-to-be-exes.

That being said, it seems no surprise that prenuptial agreements with a social media clause are on the rise. Yup, before the rings are even exchanged, tech-savvy couples are trying to ensure that their privacy is kept just in case those public displays of affection become public displays of rancor and bitterness. The new clauses include rules that dictate if, what, when and how to post on Facebook, Instagram, Twitter, Snapchat.

And perhaps these clauses are with good reason. How often has something shown up on social media that you’re maybe not so super excited about? Sure, a bad angle is one thing, but how about if one of your exes decided to air your dirty laundry – perhaps even literally decided to post your dirty laundry?

So what is a social media clause in a prenuptial agreement? As part of a longer prenuptial agreement, this clause is there to protect either party. If the terms of the agreement are not met, for example, someone decides to share something they shouldn’t have, fines can be induced. These clauses are perhaps the most beneficial when the relationship goes south. Because, if you’re getting divorced, you 100% do not want a picture of your “down south” to be posted post-divorce filing.

A social media prenup addresses what’s acceptable to share on social media. For example a cute angle at the beach versus that terrible, not flattering at all, up the nose shot, belly hanging out, you get it, kind of photo.

While you might not think anything of it, the posting of that “not so flattering” photo is a violation of trust. Yeah, we dropped the “T” word. The sharing of a photo without permission or regard for another’s feelings can be the hardest thing to hit a relationship, but also maybe the most gratifying part of posting said photo as a way of embarrassing your ex. So why wouldn’t you want to protect yourself from that?

What Else is in a Prenuptial Agreement?

Upon entering into a new marriage, there are a number of things couples in Los Angeles should consider – and not just their social media. In addition to Facebook and the like, you’ll want to take the necessary steps to protect your financial assets before getting married. You work hard for your money and it is your right to safeguard your finances. In particular, business owners and other high net worth individuals who have substantial assets prior to marriage, as well as those entering into their second or subsequent marriage, should consider the wisdom of protecting themselves and their financial future with a prenuptial agreement.

We Want “Prenup”!

It’s not just a lyric in a song. There’s a reason you’ll want to make sure you have a prenuptial agreement signed.

A prenuptial agreement, commonly referred to as a “prenup,” is a legal contract between two people about to get married that details how the couple’s assets will be distributed in the event of divorce or death. As discussed above, this prenuptial agreement can also have a social media clause added to it as another way of protecting you should you get divorced.

Prenuptial agreements are most frequently brought up in the context of a divorce or legal separation, when the couple is dividing up their property. However, a prenuptial agreement does not have to be viewed as a matter of distrust or discontent. Rather, it should be considered an equitable merger between two individuals who love one another and who want to protect their finances. Our legal team at Divorce Lawyers Los Angeles has extensive experience drafting and reviewing prenuptial agreements in Los Angeles, and can also argue the validity of a prenuptial agreement in court for divorced or divorcing clients who want to uphold or contest an existing agreement. Our family law attorneys understand that no two marriages are alike and we will treat your case with the respect and careful attention to detail it deserves.

What a Prenuptial Agreement Means for You

For many couples in Los Angeles, a prenuptial agreement is a smart way for individuals with a high net worth or significant property to protect their premarital assets and plan for any unexpected issues in the future, such as divorce or death. Most people who opt for a prenuptial agreement owned businesses or other valuable assets prior to their marriage, whether it’s their first, second or subsequent marriage, and want to avoid having their property or assets divided up in divorce. Under the state of California’s community property provision, all assets and debts acquired in marriage belong to both spouses equally and must therefore be divided 50-50 in divorce. If a couple decides they want to handle their property division differently, they can make this known in a prenuptial agreement.

The matters addressed in California prenuptial agreements can vary, but typically include provisions for the division of community and separate property, including the right to buy, sell, lease or mortgage real estate, and the payment of alimony or spousal support in the event of a divorce. For example, a spouse who would otherwise be entitled to spousal support after a divorce can legally relinquish his or her right to future alimony payments in a prenuptial agreement. In some cases, a prenup may include terms for the forfeiture of assets if a marriage ends on the grounds of infidelity, further conditions of guardianship, or a requirement of confidentiality, post-divorce. A prenuptial agreement can set ground rules regarding a couple’s present and future property rights and other important marital matters, but it does not override the court’s power to control child custody and parental visitation rights, nor can it adversely affect a child’s right to child support.

Similar to a prenuptial agreement, a postnuptial agreement is also executed to settle a couple’s affairs and assets in the event of a divorce or legal separation. However, as the name suggests, a postnuptial agreement is written after a couple gets married, rather than before.

How to Prepare a Prenuptial Agreement in California

Prenuptial agreements are about more than spouses attempting to withhold assets from one another in the event of a divorce. This type of contract is designed to control the outcome of any potential dispute that may arise should a divorce occur, especially among high net worth individuals, and is the best way to protect the finances of everyone involved, whether they own a business, have a higher earning potential, or expect a significant inheritance. Regardless of the circumstances surrounding the execution of a prenuptial agreement, there are certain circumstances that affect the validity of a prenup. Under California’s Uniform Premarital Agreement Act (UPAA), Los Angeles prenuptial agreements signed by both parties automatically go into effect when the couple marries, but in order to be considered valid and enforceable in court, the contract must:

• • Be in writing;
  • Be substantially fair when entered into;
  • Be notarized;
  • Fully disclose the assets and debts of each spouse; and
  • Not be against public policy.

A prenuptial agreement can be prepared by either spouse in a relationship, though it’s typically the higher-earning spouse who has the prenup drawn up as they typically have more assets to protect. This is not a hard and fast rule. Either party is able to conclude they want a prenuptial agreement. Under California law, when presented with a prenuptial agreement, the other spouse must be given at least seven days to consult an attorney before signing the contract.

How an Experienced Prenuptial Agreement Lawyer Can Help

Los Angeles prenuptial agreements are complex and are considered legally binding contracts that can significantly affect your financial future should your marriage end in death or divorce. Prenuptial agreements are delicate matters and should only be prepared or reviewed by a Los Angeles family law attorney who is familiar with the relevant divorce codes and the intricacies of the California legal system. Our reputable family law attorneys at Divorce Lawyers Los Angeles can help you draft a prenuptial agreement to protect your premarital assets, review an agreement you are preparing to sign, or represent your case in upholding or challenging a prenuptial agreement in court. We have seen how prenuptial agreements have been challenged in the past and we will draft your agreement carefully so as to adequately protect you from future loss.

Free Prenuptial Agreement Consultation in Los Angeles

People with significant assets who are planning to get married often decline to introduce a prenuptial agreement because they don’t foresee a negative outcome in their future, such as death or divorce, and they don’t want to sow any discord in their relationship. Unfortunately, foregoing a prenuptial agreement in Los Angeles can be devastating if a married couple ends up getting a divorce and having to split up their property and assets. If you are about to get married and you have significant assets, or you have been married before, it might be a good idea to have your spouse sign a prenuptial agreement to protect yourself and your financial well-being. On the other side of the coin, if your spouse asks you to sign a prenuptial agreement, it is your duty to contact an attorney to ensure you fully understand the terms of the contract as they apply to you. For more information about prenuptial agreements in Los Angeles and how they can affect your financial well-being, contact our experienced family law attorneys at Divorce Lawyers Los Angeles today for a free initial consultation.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

A Note on Bird Nesting

“Bird-Nesting” is a type of co-parenting arrangement whereby both parents keep the marital family home and the children reside there 100% of the time. This has become an increasingly popular option as it allows for the child to remain in the family home.

The parents then rent a one-bedroom apartment or other additional space where they stay when they are not in the family home.

This arrangement can be the most beneficial to a child if the parents are able to organize it amongst themselves.

Put the Children First – Creating a Co-Parenting Relationship

In any divorce that involves children, it’s important that the child or children are put first. The primary focus of the California court system in child custody cases is the well-being of the children involved.

The key to a successful co-parenting relationship is to separate the personal relationship with your ex from the co-parenting relationship you are creating. While your romantic relationship might be over, you will need to work to create a co-parenting relationship. It may be helpful to start thinking of your co-parenting relationship with your ex as a completely new one—one that is entirely about the well-being of your children, and not about either of you.

In this new arrangement, doing what is best for your kids must be your most important priority. Remembering this is of utmost importance, as it will guide how you communicate and interact with your ex-spouse.

Here are some ways to help build your co-parenting relationship:

Get your feelings out. You’ll need to find a healthy outlet for your emotions and feelings. Obviously, this should never be in front of your child. Friends, therapists, and anyone that can be a good listener can help you when you need to vent. Exercise can also be a healthy outlet.

Stay kid-focused. Keep your child’s best interests at the forefront. If you feel angry or resentful, try to remember that your child must be first and foremost.

Don’t put your children in the middle.

Never use kids as messengers. You must figure out the best way to communicate with your ex-spouse – whether that be through text or email. This means that you will not use your children to convey messages to your co-parent. When you do, this puts them in the center of your conflict. Keep your child out of your relationship issues.

Keep your issues to yourself. Never say negative things about your ex to or in front of your children. You should also make an effort to never make them feel like they have to choose between you two. Your child has a right to a relationship with their other parent that is free of your influence.

Jolie-Pitt Arrangement – Moving Forward

Free Child Custody Consultation in Los Angeles

Divorce and child custody issues are among the most contentious family law cases in Los Angeles courtrooms. The factor that has the most significant impact on child custody rulings in California is that both parents have frequent and continuing contact with the child, barring any situations where a parent’s presence is detrimental to the child’s well-being. However, divorced or divorcing parents are rarely able to agree on important legal issues, least of all how they will share custody of their children. Our family law attorneys at Divorce Lawyers Los Angeles have extensive experience litigating child custody disputes in California and are committed to helping parents create an amicable custody agreement that is in the best interests of the children involved. Consult our family law lawyers at Divorce Lawyers Los Angeles today for qualified legal help.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

For many families, the family dog or cat is more than just a dog or cat, he or she is a member of the family. But what happens when you or your spouse decide to divorce? What happens to Rover?

What Happens to the Family Dog During Divorce?

While the division of marital property is never easy during a divorce, it’s something that is manageable. There are rules governing how property is divided. California is a community property state, which means that each spouse is legally entitled to half of the marital estate in divorce, which includes both assets and liabilities classified as community property, or property acquired by the couple during the course of their marriage.

In every state except for Alaska and Illinois, the family pet is classified as property – just like the living room couch or the kitchen oven. What that means is the dog can be sold, just like any other piece of furniture, between the divorcing spouses. If you are a pet owner, you most likely take issue with this.

That being said, what’s the typical situation that occurs when there’s a family pet involved?

Marital Assets and Debts Besides the Dog

When you get a divorce in California, you and your spouse will be required to make an exhaustive list of your property, assets and debts, both community and separate. “Community property” means all assets purchased or acquired by a couple during the course of their marriage are owned equally by both of them. This is the case regardless of how the asset is titled – even when it’s the family pet.  “Separate property,” also called “Non-marital property” is any property, real or personal, that was acquired before marriage, after divorce (or in some states by separation of the spouses before divorce), by gift or inheritance during the course of the marriage, or during marriage with separate property funds.

In order to fairly divide what is considered by law to be your marital property, you and your spouse must be honest and forthcoming about disclosing your accumulated assets and debts. Any attempt to hide income or failure to disclose assets may result in serious legal consequences and will only further complicate the divorce and property division process. As you are preparing for the divorce process, it may help to create a preliminary list of your property and assets, so you are fully prepared when asked to present the final valuation of your marital property.

Under California’s community property law, in the absence of a prenuptial or postnuptial agreement, you and your spouse will be entitled to exactly one half of what is determined to be your community or marital property. Some marital assets will be fairly easy to divide. For instance, if you and your spouse own two vehicles, each spouse may be awarded one of the vehicles, though there may be some contention here if one of the vehicles is worth a great deal more than the other. In cases such as this, the couple may agree to sell one or both vehicles and split the proceeds evenly. There are many ways in which a divorcing couple can make the divorce process easier and far less messy and contentious, the most important being their ability to agree to the equal distribution of these assets on their own or with the help of an attorney, without going to court.

Handling Property Division Disputes in LA

Unfortunately, there are many types of marital property that are not so easy to divide right down the middle. For instance, the family pet, as we’ve discussed, in addition to the family home, accrued employee retirement benefits, valuable items you received as gifts for your marriage, and family businesses are some examples of community property that is not easily split up. You may both want to keep the family home, or your spouse may want to sell the property and split the profit. There are provisions in place in California’s divorce code that lay out how splitting up community property that cannot be divided equally should be handled. For example, if your spouse is awarded the family home, California law stipulates that you must receive property that is equal in value to the home. It is in these types of situations that having a knowledgeable Los Angeles divorce attorney on your side is imperative.

Prioritizing Your Marital Property and Assets

The most important thing to do when preparing for a divorce in Los Angeles is taking the time to prioritize your assets so you know what property you own, what you’re willing to give up and what is most important to you to keep. This can help make what would otherwise be an overwhelming and complicated process simpler, more streamlined and less contentious. And even though you and your spouse are preparing to separate, it is still important to be open and honest about your expectations during this process, including what property you absolutely want to walk away with when the divorce is finalized. If you and your spouse are unable to communicate effectively without making matters worse, you may want to consider using a third-party mediator or a collaborative divorce process to settle your divorce.

Couples in Los Angeles who can’t agree on how their property (including the family pet) and debts should be divided in divorce will likely end up going to court, where a judge will make the decision for them. Although our attorneys at Divorce Lawyers Los Angeles typically advise couples to attempt to work with one another to reach an amicable solution to their property division issues, we are always prepared to go to trial on behalf of our clients and represent their best interests before the court. Our lawyers have extensive experience representing clients in all areas of family law, and we can help ensure that your marital property is divided fairly. Furthermore, we can ensure that any separate property or assets you owned prior to the marriage remains under your control after the divorce. Whether you handle your own property division and assignment, or a court makes the decisions for you, there are three important steps to the process:

• Determining whether the property (assets and debts) is marital or separate;
• Agreeing on the value of the marital property; and
• Deciding how to evenly divide the marital property.

Free Property Division Consultation in Los Angeles

For many Los Angeles couples, getting divorced is a chance to be freed from an unhappy or abusive marriage, but having your marital assets divided 50-50 under California’s community property laws may not afford you the financial freedom you expected. For more information about filing for divorce in Los Angeles and how marital property division works, contact the experienced family law attorneys at Divorce Lawyers Los Angeles. With our legal team on your side, you can safeguard your financial freedom and ensure that your marital assets are divided fairly and equitably. Contact us today at (213) 550-4600 for a free initial consultation.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

The Most Disturbing Divorce and Family Law Statistics

For many Los Angeles couples, deciding to file for divorce or legal separation is the most difficult decision they’ve ever had to make. Unfortunately, it probably won’t be their last. There are a number of important matters that must be decided on during the divorce process, including child custody and spousal support, and for many divorced or divorcing couples in Los Angeles, an affluent city home to many high net worth individuals, the division and assignment of marital property weighs in at the top. To find out more about how your marital assets may be divided in divorce, contact our knowledgeable divorce lawyers today at (213) 550-4600 for a free initial property division consultation. Our attorneys can help you understand what will be expected of you when you divide your marital assets and can explain in detail the legal and financial implications of your divorce.

Understanding California’s Community Property Laws

Once you and your spouse decide to go your separate ways, you must then decide how the various assets and debts you’ve accumulated during your marriage will be divided between the two of you. Marital property laws vary state by state, but California is a community property state, which means that each spouse is legally entitled to half of the marital estate in divorce, which includes both assets and liabilities classified as community property, or property acquired by the couple during the course of their marriage. One of the only exceptions to this rule is the existence of a prenuptial or postnuptial agreement, the terms of which may override California’s equal division of marital property provision. Furthermore, any separate property, including gifts, inheritances or other assets owned by the spouse prior to the marriage, is typically not subject to California’s community property laws.

Cataloging Your Marital Assets and Debts

When you get a divorce in California, you and your spouse will be required to make an exhaustive list of your property, assets and debts, both community and separate. In order to fairly divide what is considered by law to be your marital property, you and your spouse must be honest and forthcoming about disclosing your accumulated assets and debts. Any attempt to hide income or failure to disclose assets may result in serious legal consequences and will only further complicate the divorce and property division process. As you are preparing for the divorce process, it may help to create a preliminary list of your property and assets, so you are fully prepared when asked to present the final valuation of your marital property.

Under California’s community property law, in the absence of a prenuptial or postnuptial agreement, you and your spouse will be entitled to exactly one half of what is determined to be your community or marital property. Some marital assets will be fairly easy to divide. For instance, if you and your spouse own two vehicles, each spouse may be awarded one of the vehicles, though there may be some contention here if one of the vehicles is worth a great deal more than the other. In cases such as this, the couple may agree to sell one or both vehicles and split the proceeds evenly. There are many ways in which a divorcing couple can make the divorce process easier and far less messy and contentious, the most important being their ability to agree to the equal distribution of these assets on their own or with the help of an attorney, without going to court.

Handling Property Division Disputes in LA

Unfortunately, there are many types of marital property that are not so easy to divide right down the middle. For instance, the family home, accrued employee retirement benefits, valuable items you received as gifts for your marriage, and family businesses are some examples of community property that is not easily split up. You may both want to keep the family home, or your spouse may want to sell the property and split the profit. It is these types of disputes that a prenuptial or postnuptial agreement can help avoid. In the absence of such an agreement, there are provisions in place in California’s divorce code that lay out how splitting up community property that cannot be divided equally should be handled. For example, if your spouse is awarded the family home, California law stipulates that you must receive property that is equal in value to the home. It is in these types of situations that having a knowledgeable Los Angeles divorce attorney on your side is imperative.

Prioritizing Your Marital Property and Assets

The most important thing to do when preparing for a divorce in Los Angeles is taking the time to prioritize your assets so you know what property you own, what you’re willing to give up and what is most important to you to keep. This can help make what would otherwise be an overwhelming and complicated process simpler, more streamlined and less contentious. And even though you and your spouse are preparing to separate, it is still important to be open and honest about your expectations during this process, including what property you absolutely want to walk away with when the divorce is finalized. If you and your spouse are unable to communicate effectively without making matters worse, you may want to consider using a third-party mediator or a collaborative divorce process to settle your divorce.

Couples in Los Angeles who can’t agree on how their property and debts should be divided in divorce will likely end up going to court, where a judge will make the decision for them. Although our attorneys at Divorce Lawyers Los Angeles typically advise couples to attempt to work with one another to reach an amicable solution to their property division issues, we are always prepared to go to trial on behalf of our clients and represent their best interests before the court. Our lawyers have extensive experience representing clients in all areas of family law, and we can help ensure that your marital property is divided fairly. Furthermore, we can ensure that any separate property or assets you owned prior to the marriage remains under your control after the divorce. Whether you handle your own property division and assignment, or a court makes the decisions for you, there are three important steps to the process:

• Determining whether the property (assets and debts) is marital or separate;
• Agreeing on the value of the marital property; and
• Deciding how to evenly divide the marital property.

Free Property Division Consultation in Los Angeles

For many Los Angeles couples, getting divorced is a chance to be freed from an unhappy or abusive marriage, but having your marital assets divided 50-50 under California’s community property laws may not afford you the financial freedom you expected. For more information about filing for divorce in Los Angeles and how marital property division works, contact the experienced family law attorneys at Divorce Lawyers Los Angeles. With our legal team on your side, you can safeguard your financial freedom and ensure that your marital assets are divided fairly and equitably. Contact us today at (213) 550-4600 for a free initial consultation.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com