divorce attorney law

Divorce Process | Divide Your Assets

Get Expert Help! Divide Your Assets and Win

One of the most difficult parts of divorce proceedings is the division of assets. In California, the law divides assets into community assets and separate assets. Community assets are assets that are attained during the marriage, while separate assets are those attained prior to the marriage or prior to the divorce but after separation. California also recognizes value increases of assets over the time of the divorce. Add to this the fact that agreeable couples may agree to change the status of an asset from the community to separate or vice versa and asset division can become very complicated and cause frustration between both parties. A professional divorce lawyer who is knowledgeable and experienced in California law can help you move more easily through asset allocation and division of assets.

Asset Division and Disputes

The division of assets during divorce proceedings can become emotional, frustrating, and hurtful to both parties. Dividing the assets in a divorce is similar to the division of assets after the dissolution of a business. Just as a business partner owes certain fiduciary duties to his colleagues, a wife or husband owes them to his or her partner. During divorce proceedings, one member might consider an asset as theirs, while the other member contests that the asset belongs to them.

There is a broad range of articles and monies recognized by law as assets and debts. Each couple who is entering into divorce proceedings will come with a very diverse and unique set of assets for the division. Take a look at these profiled case studies to gain an understanding of the diversity of assets that are eligible for division.

Type of Employment by Asset HolderCommunity Assets for DivisionCommunity Loans for DivisionDisputed Community Assets/Loans
Restaurant OwnerFamily Home

Restaurant

Investment Account

 Restaurant
Corporate CPAFamily Home

Defined Benefit Plan

IRA

Rental Property

Wine Collection

 Wine Collection
PediatricianMedical Practice

Family Home

Vacation Home

Grad School DebtGrad School Debt
FirefighterFamily Home

Timeshare

Home Brewing Equipment

Vintage Pickup Truck

Timeshare

 Home Brewing Equipment

 

Vintage Truck

 Sales ExecutiveSports Car

Stock Options

401(k)

Family Home

RV

Motorcycles

Tax DebtsRV

Motorcycle

Tax Debts

The above chart of case studies illustrates the diversity and uniqueness of community assets as well as the possible disputes that may occur as asset and debt division proceeds. For example, the restaurant owner may have bought his restaurant prior to the marriage and may dispute that this asset is considered a separate asset. Or the firefighter may dispute that although the vintage truck was purchased during the marriage, it was informally recognized throughout the marriage as “his truck.” These disputes are common as couples initiate asset division and can often prolong divorce proceedings.

Get an Expert!

We’ve already seen how complicated asset identification and division can become. Even parties without considerable community or separate assets benefit from the use of experts to help in the assignment of value and division of assets. Experienced divorce lawyers are able to move asset division proceedings and ensure their represented party receives the appropriate value of assets. But divorce lawyers aren’t the only experts needed in asset division. Divorce lawyers depend on the experience and knowledge of a wide range of experts to help in asset division.

The Need for Experts

The need for additional expert help in asset division usually occurs during the value assessment phase of asset division. During divorce proceedings, couples first must identify the shared and combined assets and debts. Once they have decided on these, values must be assigned to these assets and debts before they can be divided among the parties.

Parties often do not know the values of these items or are unable to agree on the value of the items. There may also be contention by parties and disputes regarding the value of assets. If parties are unable to agree to the value of an asset, the divorce lawyers will contract experts to value the items. These experts become the deciders in the value of the product able to appraise and establish an appropriate value. The early retention and use of an expert can significantly enhance the chances of settlement and success.

As you saw from the chart of profiled case studies, experts are often needed in a broad range of asset appraising. From vehicles to wine collections, assets are diverse and unique and require an equally distinctive team of experts to evaluate value.

An experienced divorce lawyer will be able to contract professional appraisals to value assets and items during divorce proceedings. Some of the experts commonly used to appraise and establish value to assets include:

Forensic Accountants

A forensic accountant is a specialized accountant who is recognized by the court. A forensic accountant often works closely with lawyers in legal disputes but can also be employed by government, banks, and insurance companies. They are often used to investigate and analyze complex financial matters during divorce proceedings. A forensic accountant may also be consulted if one member of the partnership is concealing assets, if the true income of one partner is difficult to ascertain, or the value of certain assets remains in dispute.

A forensic accountant can resolve issues such as:

  • Calculating a marital standard of living.
  • Tax issues including debts.
  • Characterization and allocation of stock options, retirement plans, and other assets.
  • Business valuation.
  • Controllable cash flow.
  • Tracing separate property.
  • Credits and reimbursements.
  • Income determination.

Equipment Appraisers

During divorce proceedings, the addition of a business as an asset can create some added complications. Not only is the worth of the business taken into consideration, but the equipment used to run that business is also considered. For example, if one partner owned an excavating company, there would be a large value and/or debt in the equipment used to run the company. If a business is involved in a divorce, an inventory of the equipment owned and utilized by the business must occur to evaluate and establish the value and/or debt associated with the equipment. Equipment appraisers specialize in establishing the value of equipment; they must be certified and the appraisal must be on-site. Depending on the type of business, a specialized equipment appraiser may be consulted to establish the value of the business’ equipment. The business equipment appraisal may include equipment such as machinery, trucks, computers, and other mechanical/electronic devices.

 Art/Collectible Appraisers

For couples who have fine art, coins, antiques, or other collectibles listed as assets, an accredited art/collection appraiser may be consulted to establish value to the collection. Art/collection appraisers are specialized appraisers who are experienced in a specific collectible. Art/collection appraisers establish the value of the collection using “fair market value,” the amount the collection would sell for today. Fair market value is the only value recognized in litigation for art and collection appraisal.

Forensic Computer Experts

Similar to forensic accountants, forensic computer experts may be used if one party speculates another party is not forthcoming with information or has willingly destroyed electronic information. Forensic computer experts are specialized in uncovering electronic information that has been hidden or destroyed. Forensic computer experts are often used to uncover or analyze data and information from one party’s computer. Because California abides by no-fault divorce, uncovering an electronic trail of one party’s lifestyle or character is generally unnecessary. However, forensic computer experts may be consulted to uncover hidden assets, undisclosed credit cards or bank accounts and financial manipulations.

Real Estate Appraisers

Many divorce proceedings involve valuing and division of a family home. Real estate appraisers are often consulted to appraise and establish the value of a family home or other real estate. Real estate appraisers are able to identify the features of the home and identify the comparable sales in the location of the home. Real estate appraisers are also able to appraise rental properties, land, and vacation homes.  Real estate appraisers may also be consulted for a historical appraisal to establish the value of a home or property at some time in the past.

Vehicle Appraisers

Vehicle Appraisers are specialists who appraise vehicles using market-based researched values. Watercrafts are generally appraised by surveyors; however, most other vehicles — from vintage cars to aircraft — are appraised by vehicle appraisers.

The Benefit of Using Experts

The use of experts can ensure that shared and separate assets are given a determined value based on the knowledge and experience of a professional expert. The use of experts can make determining the value of assets a much easier process and provide an indisputable value for all assets. Once the value of the assets has been established, the next steps in the divorce proceeding really depend on the wishes of both parties.

Depending on the value of the assets and the financial obligation required for them, parties may be unable to fully accept the division of an asset and will instead decide to sell the asset. This often occurs with the family home. If neither party is able to financially afford the family home alone or would be more financially stable with a smaller, less expensive home, the couple may choose to sell the family home and divide the associated money from the sale.  The couple may also choose to delegate assets to one another or to “buy” an asset from one another. There are many options during this stage of the proceedings and a credible lawyer will help you choose the best option for you.

Once you get to dividing assets as part of your divorce proceedings, using an expert to establish value can avoid frustrations and make the task much less daunting.

If you’re in the New Port area and are looking for a divorce lawyer, want to consult with a lawyer about asset division, or think you might need an expert to help establish value during your divorce proceedings, Max Hills Law Group can help! Contact us today to schedule a consultation.

24 Comments

  1. sweden online, http://sverige-apotek.life/dimalan.html , köpa online USA.

  2. I have to show appreciation to this writer for rescuing me from such a circumstance. Just after looking out through the online world and meeting principles which are not beneficial, I assumed my life was over. Existing minus the approaches to the problems you have resolved through your good article is a critical case, as well as ones that might have adversely damaged my career if I hadn’t encountered your web page. That knowledge and kindness in taking care of all areas was crucial. I’m not sure what I would have done if I had not encountered such a thing like this. I’m able to at this point relish my future. Thanks so much for the specialized and results-oriented guide. I will not be reluctant to propose the blog to anyone who should get support about this topic.

  3. I wish to voice my admiration for your kind-heartedness giving support to those who have the need for guidance on this important issue. Your special dedication to passing the solution along turned out to be incredibly beneficial and has in most cases helped women like me to arrive at their dreams. Your invaluable facts denotes much to me and far more to my office workers. With thanks; from all of us.

  4. I together with my friends ended up analyzing the best solutions from your web page while quickly I got a terrible feeling I never expressed respect to the web blog owner for those techniques. All of the young men became thrilled to learn all of them and have in truth been having fun with them. I appreciate you for indeed being well kind and also for figuring out these kinds of impressive ideas most people are really wanting to learn about. My very own honest regret for not saying thanks to you sooner.

  5. I as well as my friends have been reading through the nice pointers from your web blog while immediately got a horrible suspicion I had not thanked the web blog owner for those strategies. My men had been as a consequence passionate to read through them and already have extremely been tapping into those things. Thanks for truly being considerably helpful as well as for settling on certain outstanding ideas most people are really desperate to be aware of. My sincere apologies for not saying thanks to sooner.

  6. Thank you for all your valuable hard work on this site. Debby enjoys making time for internet research and it’s really obvious why. A number of us learn all regarding the lively mode you render important items by means of the web site and as well as attract participation from other ones on the issue while our favorite child is now starting to learn so much. Take pleasure in the rest of the new year. You are always carrying out a first class job.

  7. I not to mention my friends have been reviewing the best strategies on the website then all of a sudden developed a horrible feeling I never thanked the website owner for those strategies. All the boys appeared to be so excited to learn them and now have in truth been using these things. We appreciate you simply being indeed kind and for obtaining such amazing tips millions of individuals are really eager to know about. Our own sincere regret for not expressing gratitude to sooner.

  8. I just wanted to construct a brief remark so as to express gratitude to you for all the lovely tricks you are sharing at this site. My particularly long internet investigation has at the end been compensated with reliable suggestions to exchange with my guests. I ‘d repeat that many of us website visitors are extremely fortunate to be in a perfect place with many special professionals with useful solutions. I feel rather grateful to have encountered your site and look forward to so many more brilliant moments reading here. Thanks once more for everything.

  9. My wife and i got very comfortable that Edward could do his reports through your ideas he received when using the web page. It’s not at all simplistic to just find yourself giving away solutions which men and women have been trying to sell. And we do understand we need the writer to be grateful to for that. All of the explanations you’ve made, the easy web site navigation, the friendships you will make it possible to instill – it’s everything remarkable, and it’s letting our son and us feel that the idea is enjoyable, which is pretty indispensable. Thanks for the whole lot!

  10. An fascinating discussion is price comment. I think that you should write extra on this topic, it might not be a taboo topic however typically persons are not sufficient to talk on such topics. To the next. Cheers

  11. I just want to mention I’m new to blogging and actually savored you’re blog. Most likely I’m planning to bookmark your blog post . You actually come with really good article content. Thanks a lot for sharing your blog site.

  12. Thanks for all of your labor on this site. Gloria really loves managing internet research and it’s easy to understand why. Most people notice all concerning the powerful form you make both interesting and useful guidelines via this web blog and as well as cause participation from visitors about this matter so our own daughter is without a doubt understanding a lot of things. Take advantage of the remaining portion of the new year. Your performing a stunning job.

  13. I precisely had to appreciate you once again. I’m not certain the things that I would have implemented in the absence of the ways provided by you relating to my topic. It was actually a real intimidating case for me personally, nevertheless discovering this professional strategy you treated that forced me to cry for fulfillment. I will be grateful for the guidance as well as hope that you find out what a great job you were undertaking teaching others by way of your website. Most probably you’ve never got to know any of us.

  14. I and my pals appeared to be analyzing the best tactics on the blog and quickly I got a terrible feeling I had not thanked the blog owner for those strategies. All the ladies happened to be for this reason glad to read through them and have in actuality been enjoying them. We appreciate you really being simply helpful and for making a choice on variety of essential areas millions of individuals are really eager to discover. Our own sincere regret for not saying thanks to earlier.

  15. My husband and i were now excited Edward could deal with his survey with the precious recommendations he acquired from your very own web site. It is now and again perplexing to just possibly be freely giving tips that many some other people could have been trying to sell. And now we discover we now have you to appreciate for that. The entire illustrations you have made, the easy site navigation, the relationships you will assist to create – it is mostly unbelievable, and it’s helping our son in addition to our family do think this idea is fun, and that’s pretty fundamental. Thank you for the whole thing!

  16. I together with my friends appeared to be following the nice techniques located on the website and immediately I had a terrible feeling I had not expressed respect to the web site owner for those strategies. Most of the women appeared to be absolutely very interested to see all of them and now have honestly been using them. Thanks for indeed being really thoughtful as well as for deciding upon variety of impressive subject matter most people are really wanting to be aware of. Our own sincere regret for not expressing gratitude to you sooner.

  17. I have to express thanks to this writer for rescuing me from this type of situation. Right after browsing throughout the world wide web and obtaining methods which are not helpful, I believed my entire life was gone. Living minus the approaches to the problems you’ve fixed as a result of your blog post is a critical case, as well as the kind which might have adversely damaged my entire career if I hadn’t encountered your web blog. Your own personal ability and kindness in taking care of a lot of things was precious. I don’t know what I would’ve done if I hadn’t encountered such a subject like this. I’m able to at this point look forward to my future. Thanks so much for the reliable and result oriented guide. I will not think twice to propose the website to any individual who would like direction on this subject.

  18. I must get across my appreciation for your generosity in support of men who really want guidance on your study. Your special commitment to passing the solution all through had become definitely advantageous and have consistently permitted employees much like me to attain their desired goals. The useful guideline implies a whole lot a person like me and substantially more to my colleagues. Thanks a lot; from all of us.

  19. My spouse and i got peaceful when Peter managed to do his preliminary research by way of the precious recommendations he grabbed in your web page. It’s not at all simplistic to just happen to be offering tips which often many people might have been selling. We really see we now have the blog owner to thank for that. The most important illustrations you made, the easy blog navigation, the friendships your site make it possible to promote – it’s got all unbelievable, and it’s really aiding our son in addition to us recognize that that content is enjoyable, and that is seriously serious. Thanks for the whole lot!

  20. My spouse and i have been really delighted when Chris managed to complete his preliminary research from your precious recommendations he received through your blog. It’s not at all simplistic just to continually be giving away solutions which usually other people may have been trying to sell. So we already know we’ve got the website owner to be grateful to for this. The most important illustrations you made, the straightforward site navigation, the relationships your site assist to instill – it’s most remarkable, and it is assisting our son in addition to our family reckon that this subject matter is satisfying, which is certainly highly indispensable. Many thanks for the whole thing!

  21. I simply had to thank you so much again. I’m not certain the things that I might have handled in the absence of the methods revealed by you directly on my subject matter. It absolutely was the intimidating circumstance in my position, however , considering a new specialized strategy you handled that made me to cry over delight. I’m just happier for your assistance and wish you are aware of a great job you are always accomplishing teaching most people using a web site. I am certain you have never come across any of us.

  22. vEk7bc Major thankies for the article post. Much obliged.

  23. I precisely desired to thank you very much once more. I’m not certain what I might have accomplished without those advice documented by you over my topic. It became an absolute alarming difficulty in my circumstances, but taking note of your specialised mode you dealt with it took me to weep over delight. I am grateful for the service and sincerely hope you comprehend what an amazing job that you are putting in training the mediocre ones through the use of your web blog. Most likely you haven’t met all of us.

  24. I have to express my passion for your kind-heartedness in support of men and women that really want help with this one concern. Your personal commitment to getting the message all around became extraordinarily useful and has really empowered guys and women much like me to realize their desired goals. This valuable guidelines can mean so much a person like me and even more to my office colleagues. Regards; from each one of us.

Leave a Comment