Helping You Protect Your Assets
Throughout your marriage, you and your spouse acquired assets and possibly debt. As you divorce, you may feel emotional about dividing your belongings and dismantling the life you’ve built. You need an advocate to explain how property division works and fight for your needs.
The attorneys at Jarrette & Walmsley, LLP, work to protect your financial stability and interests. We will take the time to answer your questions and ensure that the process goes as smoothly as possible.
How Is Property Divided?
California follows community property laws when it comes to your assets. This means that any property or debts that you and your spouse accumulated throughout your marriage are subject to be divided equally between the two of you.
Items that you obtained prior to marriage or received as a gift or through inheritance are known as separate property. Separate property is typically kept by the single owner of the asset. Child support obligations, earning potential of each spouse and prenuptial agreements can impact the division process.
What Steps Will You Need To Take?
Our lawyers understand that dividing your assets can be emotional and overwhelming. We will be by your side through every step, working to ensure that the process follows correct procedures. The steps for dividing property include:
- Identification: Both parties must disclose all assets and debts.
- Characterization: You must determine what items are considered community property.
- Valuation: Community and separate property will be accurately evaluated.
- Disposition: Finally, community assets and debts will be divided between both parties.
The entire process can be complex depending on the amount of assets and complexity of the assets at hand. Real estate holdings, investments, businesses and retirement plans are all assets that are considered.
Start The Process Today
As you begin to identify your assets and debts, enlist one of our lawyers to ensure proper evaluation and safeguard your best interests. With locations in Los Olivos and Santa Barbara, we are equipped to guide you from start to finish. Call us at 805-697-7390 or complete our contact form to schedule a consultation with us today.