Many factors must be determined when starting a divorce proceeding who will take care of the children, who will pay for their support and how the spousal assets will be divided. In some cases, these decisions can be made between the couple, but other cases will require the help of professionals. About the division of assets in the event of divorce, property division lawyers can help the process more smoothly and ensure that each party has fair treatment, and a fair share of the property and financial assets. In some cases, the couple accepts this division only with the help of their lawyers. In other cases, the partition process can go to mediation to resolve it. In rare cases where parties can not agree on how divisions occur, courts can intervene to authorize how division occurs. Most couples prefer to resolve this process before the court enters and control is controlled from their hands. Community vs. non-community property The property division law firm in Los Angeles will first be determined according to whether the property in question is community or non-community by law.
The property of the Forum will include all the assets that the couple collected during the marriage, including the profits and everything that was bought with those gains. Community property also includes debts incurred during the marriage period, which makes both parties responsible for these outstanding obligations. Non-communal property or separate property includes assets such as donations or inheritances granted to a single spouse, pre-marital pension, premarital labor, and only one spouse. In some cases, the dividing line between society and non-community property may be unclear, as when both spouses go to work in a business initiated by one. There may also be some investigations involved in determining the initial recipient of a particular asset. In such cases, it is useful to use the services of property division lawyers who can ensure that the division process is carried out as easily and impartially as possible. If the communal property is the main factor in the division of assets, as in many states of the country, most of these properties will be divided equally between the parties by the courts.
Non-community property will remain in possession of the spouse who owns it in the first place. However, other states exercise what is known as “equitable distribution.” In such cases, the assets accumulated during the marriage are divided to some extent, which often means that the highest beneficiary receives two-thirds of the property and assets and that the other spouse receives a third. The division of property can be one of the most complex aspects of a divorce process. Identifying the difference between community and non-community property can be a great challenge when the line between the two is unclear. With qualified Los Angeles property division lawyers from Land Legal Group working to reach an agreement with clients, it is guaranteed that the whole process will be easier.
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Los Angeles, CA , 98052