Northern California Debt and Asset Division Attorney
When married couples separate, so do their assets. One of the big challenges for any divorcing couple is to determine who gets what — whether the asset in question is a house, car, retirement account, or property. Likewise, parting spouses often have issues of shared debts to resolve.
Attorney Cynthia Cho has more than 16 years experience as a family law attorney. Through her Newark, California law practice, she can assist clients through all stages of a divorce, from filing, through settlement negotiations or trial, to the ratification of a divorce decree.
For more information, or a consultation with an experienced Newark property division attorney, call CC Law Group at 510-402-1579.
Separate Property and Community Property
California is a "50/50" community property state. This means that assets you acquired during your marriage must be divided equally between parting spouses unless an agreement is reached out of court.
The two kinds of property recognized in California divorces are:
Community property, comprising assets and property that a married couple gain after acquired after marriage, including houses, vehicles, second homes, savings and retirement accounts. Specifically, this applies to assets acquired between the date of marriage and the date of separation. Assets must be divided equally, unless there is an extenuating circumstance such as a prenuptial agreement or one party waives his or her right to an asset.
Separate property, comprising assets and property that a married couple brought into the marriage or acquired after separation.
Whether certain assets are community or separate party can be determined using evidence with the help of an attorney. Debts, including mortgages and credit card debts, can be apportioned by a similar process.
Our law firm can assist you in determining which assets and debts are yours and which are those of your parting spouse. We do this by discussing your situation, reviewing your financial documents, and comparing those to the financial status of your shared estate or the other party.
Let's Make a Deal — Negotiation May Be Your Best Option
With some divorces, property division is a contentious process that requires a court intervention to settle. In such situations, CC Law Group is ready to advocate for your interests with energy and to the fullest extent of the law.
We advocate that, when possible, parting spouses should at least consider a negotiated solution, whether by settlement or mediation. When all parties have "buy in" to a divorce agreement, there tends to be less animosity and more willingness to cooperate for the good of everyone involved.
When negotiation is possible, we can work as an intermediary — negotiating with your parting spouse's attorney or acting as a mediator to settle differences and fairly apportion assets and property.
Deals can be worked out. For instance, if one party wants to keep the house and is willing to forego a measure of spousal support, we can help work out settlement that reflects that wish and keeps the issue from going to court.
What Are Your Goals? Let's Work Together to Achieve Them.
Many times, a divorce proceeding comes down to a few simple questions: "What are your priorities?" and "What are your financial goals following a divorce?"
At CC Law Group, we can analyze your financial situation analysis and suggest a game plan designed to get you the most results with the fewest compromises. Let Ms. Cho's compassionate demeanor and legal expertise help you through your simple or complicated asset and debt division process.
To discuss you situation with a lawyer, contact us online today or call 510-402-1579.
