How a Property Division Attorney Can Save You Money
Of all the parts of a divorce, the division of property is often times the most time consuming. After even just a few years of marriage, a couple usually has amassed many items, including property, vehicles, and financial accounts that will need to be divided. The laws regarding property division are fairly easy to follow, but because there are so many ways to circumvent the laws, the hiring of a property division attorney could really save you a lot of money and time.
First of all, the property that you came into the marriage with is usually yours when you leave the marriage. Unfortunately, it is not always that cut and dry. There are some instances, especially when there is a growth in the value of the property, such as in real estate, that the property will have to be sold in order to be divided. A property division attorney can give you options if that is the case.
When you first meet with a property division attorney, you should have a list of all property that you and your spouse own, including but not limited to real estate, bank and brokerage accounts, retirement accounts, vehicles, large ticket household and electronic items, collections, or any other items of considerable value. Your spouse will be providing a similar list which will be used with yours to create a master list of property that needs to be divided.
Although you may be the wage earner in the marriage, don’t fool yourself into thinking that you should walk away with more than the non-wage earner. Laws have changed considerably over the past few years, and depending on the state you live in, you may walk away with only half. The real key is to make sure that you have a full listing of all property, with both their initial values (if they were accrued prior to the marriage), and their present day values. This will help your property division attorney to divide up the property, and give you suggestions on what you should do to handle the real estate that was purchased during the marriage.
If you had the forethought to create a prenuptial agreement, that will be taken into consideration with the list of property, as will a list of pre-marital property that you each had. The real trick will be getting all of this together and negotiating with your partner’s property division attorney to make sure both partners are happy with the final list.
Of all the parts of a divorce, the division of property is often times the most time consuming. After even just a few years of marriage, a couple usually has amassed many items, including property, vehicles, and financial accounts that will need to be divided. The laws regarding property division are fairly easy to follow, but because there are so many ways to circumvent the laws, the hiring of a property division attorney could really save you a lot of money and time.
First of all, the property that you came into the marriage with is usually yours when you leave the marriage. Unfortunately, it is not always that cut and dry. There are some instances, especially when there is a growth in the value of the property, such as in real estate, that the property will have to be sold in order to be divided. A property division attorney can give you options if that is the case.
When you first meet with a property division attorney, you should have a list of all property that you and your spouse own, including but not limited to real estate, bank and brokerage accounts, retirement accounts, vehicles, large ticket household and electronic items, collections, or any other items of considerable value. Your spouse will be providing a similar list which will be used with yours to create a master list of property that needs to be divided.
Although you may be the wage earner in the marriage, don’t fool yourself into thinking that you should walk away with more than the non-wage earner. Laws have changed considerably over the past few years, and depending on the state you live in, you may walk away with only half. The real key is to make sure that you have a full listing of all property, with both their initial values (if they were accrued prior to the marriage), and their present day values. This will help your property division attorney to divide up the property, and give you suggestions on what you should do to handle the real estate that was purchased during the marriage.
If you had the forethought to create a prenuptial agreement, that will be taken into consideration with the list of property, as will a list of pre-marital property that you each had. The real trick will be getting all of this together and negotiating with your partner’s property division attorney to make sure both partners are happy with the final list.
Want to find out more about los angeles accounting firm, then visit our site to choose the best los angeles cpa firm for your needs.