DIVORCE ATTORNEY IN VENTURA COUNTY
PROPERTY DIVISION IN CALIFORNIA
If you are going through a divorce, or considering getting a divorce, the division of your shared property has undoubtedly crossed your mind. You may not have realized, however, that in the state of California, shared property acquired during a marriage is considered community property, and will be split as evenly as possible in a court’s decision. If you feel some of your property should not be considered as community property, you will need the professional divorce attorneys at Newman and Horton LLP to protect your assets from an unfair division. If a decision can be made between the divorcing spouses outside of court, time and energy can be saved. Coming to an agreement on private terms is one way to avoid a community property division that could short one person or the other.
DIVISION OF RETIREMENT BENEFITS IN A DIVORCE
A portion of a spouse’s retirement and/or pension benefits may be considered community property and be subject to division in the divorce. Our attorneys are well-versed in the laws and rules regarding this division and are here to help you with regard to IRAs, 401(k), 403(b), and other retirement accounts as well as CalPERs, CalSTRs, FERS, CSRS, and other plans. We are experienced in the drafting and review of QDROs, COAPs, and other necessary documents for division of these retirement assets.
DEBT DIVISION IN A DIVORCE
Other than deciding how to divide up property in a divorce, spouses must also determine how to fairly split shared debt. This process is considered far more strenuous and complicated than dividing assets since no one truly wants to inherit debt, especially if it may be solely due to the financial mismanagement of the other spouse. Additionally, your debt may be altered based on two types of debt definition:
• Secured: The debt you inherit in the divorce is offset by the value of assets you also inherit. In layman’s terms, if you are gaining more property than your spouse, you will also gain more debt than your spouse, as it is assumed you will be able to pay off the debt more effectively.
• Unsecured: A division unbiased by inherited assets, unsecured debt tries to divide the owed assets as evenly as possible between both parties.
QUALIFIED ATTORNEYS IN VENTURA CAN HELP
If you are facing obstacles in dividing your shared property, debt, or both, you need an experienced legal team on your side. Newman and Horton LLP can handle a variety of family law cases with tireless execution and absolute professionalism. Contact us today for the representation you deserve.