In many divorce proceedings, asset division can be one of the most difficult areas to resolve. California is a community property state, which means that assets and debts acquired during the course of the marriage are considered jointly-owned by the spouses. Property acquired by either spouse prior to the marriage is generally considered separate property.
Like anything else, when these issues meet the real world, complications can arise. In some cases, simply reaching an agreement on what is marital or separate property can be a challenge.
Asset division cases can be extremely contentious. It is important to have a Riverside divorce attorney on your side who can maintain an objective view and stay focused on your best interests. At Holstrom, Block & Parke, APLC, we fight aggressively to protect our clients’ rights in all types of asset division matters, including high-asset cases. We have significant experience in these cases, and we have the resources to ensure that you receive a fair settlement.
More often than not, the marital home is the biggest asset that couples battle over in divorce. If the couple can come to an agreement without taking their battle into court, mediation is a better and more cost-effective way to handle asset division. However, most divorces involving asset division are handled in the courtroom or through the lawyers on each side.
When a couple agrees upon who will stay in the marital home, it’s common for the other spouse to want their name taken off the mortgage. Since they will no longer be living in the house, they would prefer to remove the responsibility of the expense of ownership of the asset. This seems like a simple concept to understand, but the process of getting that done in divorce cases is sometimes a challenging task.
It’s not unusual for the spouse who is staying in the marital home to refinance in their own name. Another option is to sell the property and split the cash. Either way, mediation can be a beneficial way to help with asset division in divorce cases. Lawyers often act as mediators, or they use mediation services in Riverside.
Contact our Riverside family law offices so we can help you keep what is yours. We will work closely with you to protect the assets that mean the most to you. Call (951) 432-5351 today.