The division of the marital estate in Century City can be the most emotionally charged part of a divorce. At the Law Offices of Evan Braunstein we are experienced in the valuation and division of assets and debts including real estate holdings, businesses, retirement benefits and pensions. We can help you to safeguard your property by properly evaluating, valuing and dividing your marital estate to avoid unnecessary tax penalties and litigation.
Before property can be divided, it must be located and identified. California law requires each party to a dissolution of marriage to provide the other with full, current, and complete disclosure of all financial information. Hiding an asset or providing false or incomplete information can be punished by fines, sanctions, or even loss of the asset. Even so, it may be necessary to use other discovery methods such as depositions and subpoenas to locate any hidden assets.
Once the property has been identified, it is then characterized as either separate or community property. In California, all property acquired during a marriage is presumed to be community property and each party is entitled to an equal share. All property that is not community property is presumed to be a party’s separate property and not subject to division. The character of an asset or debt is determined by factual matters like the date of marriage, date of separation and source of the asset. An argument over any of these facts may change the party’s entitlements or obligations regarding an asset or debt.
The community property is then valued. Parties may disagree over the value of certain assets. In some cases it is necessary to use specialists like real estate appraisers or forensic accountants to determine the value of an asset such as a house or a business. After valuation, the property is divided. Dividing certain assets requires specialized services to take advantage of tax laws and to avoid penalties. Century City property division lawyers Evan Braunstein is experienced in working with legal and financial specialists to make sure your finances are properly divided and in compliance with the most current state and federal tax regulations. The Law Offices of Evan Braunstein can provide you with a variety of negotiation and litigation services to help you properly protect and divide your marital estate.