Generally, parties to a family law case assets. The assets can be separate property, community property, or quasi-community property. Assets can be anything from real estate, cars, bank accounts, to more abstract items, such as trademarks or copyrights. Identifying your assess whether they are separate or community is the first step. Then, proving to the court what the characterization of the property is correct is the next step. Valuing the assets generally occurs at the time of trial. Being aware of the timeline is very important as to the value. There may be reasons why an asset should be valued at a different date. For instance, at the time of separation, a couple may own a business and after separation, due to one party’s efforts, the value of the business increases tenfold. An argument can be made that whoever increased the value of the business should be entitled to keep the value and that the asset should not be valued at the time of trial. Asset division can involved many complicated matters and having an attorney who is experienced in property division is very important.
Debt is a fact of life. Some people have a small amount of debt; some people have a large amount. When getting a divorce, parties not only have to separate their assets, but they have to divide the debts. It may seem simple – whoever incurred the debt, gets to take it. However, there are nuances when determining who is responsible for certain debts, and maybe even some interest on those debts. Generally, when a debt is incurred during marriage it is a community property. Therefore, both parties will be responsible for the debt. However, having an experience family law attorney will help you determine if a certain debt is an exception to the general rule. For instance, who is responsible for student loan debt? Student loan debt is considered the separate property of the spouse who used it. However, an argument can be made that if a student loan debt was incurred during marriage and “benefited the community”, it may be considered a community property debt. Another concern to be aware of when dealing with debts is if there are credits for payments made on certain debts. What if you married someone, who came into the marriage with $100,000 in debt and during marriage, the community paid off the $100,000 in debt? Should the spouse who assisted in paying the debt be reimbursed? Issues like these can be addresses by our experienced family attorneys, and we urge you to contact us now.
The attorneys at the Law Office of Taylor B. Warner, APLC have handled simple property division actions to complex transactions. Call the Law Offices of Taylor B. Warner now at 909-466-5575 to schedule a free, no obligation consultation regarding your matter. We help clients throughout the Inland Empire facing a wide variety of family legal matters and can provide you with information and facts while discussing your options and potential strategy based on your circumstances and unique situation.