Divorce is a sad reality for many California families and many divorces involve bitter drawn-out court battles. The financial downside of a divorce may also be substantial for one or both parties involved. Financial conflicts in a divorce may include matters relating to spousal support, child support and property division.
The emotional turmoil of a divorce may feel like you are staring into a deep financial abyss. Attorney John T. Chamberlin, with his years of experience, can be a true guide out of that darkness, providing a light to an estranged spouse navigating the legal system’s complexities. Under California law, “community property” is the yardstick applied in most divorce cases and spouses are considered equal partners, each entitled to half of the marital property.
This rule may seem simple but the community property law does not make a qualitative account of which half shares each spouse receives. Thus, the first step identifies the property held as a marital property. Many assets held by either divorce participant may have been acquired prior to marriage, making this property ineligible for division under current divorce law. Such individual assets may include business ownership, retirement plans and many other classes of assets.
Once marital property has been identified, it is imperative to evaluate and provide the true worth of each asset. John T. Chamberlin has a quarter of a century of experience in this field of family law. He knows and works with expert appraisers who will provide the most accurate valuation for a fair settlement. Once valuation is done, asset division begins with the quantitative rule of a 50/50 split as the goal. However, division may need further negotiation based on other criteria such as emotional attachment, best interests of the child and so on.
California property division after divorce is not limited to division of assets but also division of debts incurred during the marriage. These must be separated from individual debt much like the identification of individual assets. Attorney John T. Chamberlin has ample experience in such cases and can be the resource needed during such a trying time.