Real Estate: What to Know About Assets and Divorce

divorce-real-estate-assetsOne of the most difficult decisions that you can ever make in life is to get a divorce. It even gets more complicated when there are significant assets such as rental property, houses, brokerage accounts, restricted stock, family cars, pension and retirement plans, and family businesses among many other things. Coming to an agreement on who should get what can be quite a difficult task even in amenable situations. In case your divorce is quarrelsome, make sure you have a qualified family law attorney Long Beach Ca in your corner.

To avoid any confusion, make sure that you document every circumstance when you acquire property including after you get separated till the time of divorce. However, in some states around the country such as California, the date of separation is used to determine if a property is separate or community property. Therefore, it is important to have such a record because memories fade and during a divorce, you can easily forget any oral agreement that you had made earlier on during better times.

Dividing Your Family Home

One serious issue that can arise during a divorce case is determining who will retain the family house. In case there are any children involved, the judge can favor the spouse who gets the primary custody of the children. However, this is not a guarantee and you should consult an experienced divorce attorney Long Beach Ca to protect your rights and make sure that you get your fair share.

How to Divide Your Family Cars

In many divorce proceedings around the country, another area of dispute is the sharing of the family vehicles. Contrary to what most people believe, property is not necessarily issued to the person who owns the title. This means that a car that is owned by a single spouse can still be categorized as marital property. The first major step that you should take is to determine the value of the car. You can get this information in an automotive industry or in a local car dealer shop. Keep in mind that leased vehicles may have little value compared to privately owned and used vehicles.

The key to dividing property amicably lies in willingness and cooperation and one-way to speed up the divorce process is by coming to an agreement over property division. This can only be possible by keeping an open communication. This is especially if you are sharing custody of your children. Some of the vital information that you need can only be gained from practicing divorce lawyers in Long Beach Ca to protect both parties.

Riley Khorram can assist you and your family in obtaining restraining orders, settling child custody cases, divorces and more.