Bay Area Family Law

Tuesday, April 10, 2007

A Fair and Equitable Distribution of Assets

In recent years, the use of Vallejo divorce mediation has increased. People are realizing that they probably would be well served to not each spend over $10,000 on a divorce. That's where Vallejo divorce mediation can help. Also, courts have shown a preference for resolving disputes outside of court. Courts prefer Vallejo divorce mediation. It's easier for them, and better for you.

Vallejo divorce mediation means that the parties attempt to negotiate a resolution through the help of a third party neutral family law attorney or other mediator. This Vallejo divorce mediator assists the parties in making agreements in light of the relevant law. It doesn't work for every case, but when possible, Vallejo divorce mediation is usually the best option.

There might be a bit of yelling between you and your spouse, but for the most part, it's all pretty civil. Courts like it too. They find that the solution that you and your partner work out is better than the one that they decide on. So go on, talk to a Vallejo divorce mediation lawyer about it.

In the U.S.A there are two very different divorce standards, equitable distribution and community property. There are currently 10 "community property" states and 41 "equitable distribution" states.

California is a community of property state in which marital assets are distributed equitably among parties. The decision can either be made by a family law judge in divorce court or it can be done by the parties themselves in mediation or collaborative law process. Bay Area family law provides attorney support services through legal professionals who are trained to assist couples both in mediation as well as collaborative law. Our non-attorney services are also effective enough to bring our clients a cost-effective and equitable resolution in the distribution of assets cases.

Keep in mind that the more you know about your state's divorce laws, the more organized you are and the more involved you are in managing your divorce- the better.

Essential things to remember about equitable distribution:

  • Everything you acquired during your marriage is subject to division.
  • You, not the judge, have to prove what assets exist.
  • If you can prove your spouse did away with some assets with divorce in mind, the Court may award you a sum equal in value.
  • If you have educated yourself on the state's laws you can then create, with your attorney, a strategy that will lead you to what you really want.
  • You, as a partner in the marriage, are also responsible for any debts acquired during the marriage.
  • It doesn't matter whose name or money was used to acquire the asset.

Community Property
Only in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin will division begin at 50-50 if the marriage ends in divorce. These are the only states that now have community property laws.

Many couples in California who divorce need to work through the division or distribution of their marital assets or property. While doing so it is really important to choose an attorney who can do it perfectly for you. This is because once the agreement relating to the distribution of assets is approved by the court, it is virtually impossible to make modification in the same.

Bay Area family law offers attorney services for distribution of assets in the region. Our attorneys at BAFL have helped many couples achieve a fair and equitable distribution of property. While drawing up an agreement for distribution of assets for the clients, our attorneys take all the key factors that will substantially impact the future of the agreement. Factors such as increase in value of real estate or the tax ramification of a particular decision should be considered while drafting an agreement for distribution of assets as they will affect the agreement in the long-run. The experienced attorneys at BAFL are too meticulous to leave any key factor out while drafting the agreement for distribution of assets.

We can make referrals to financial experts and certified divorce planners who can assist our clients understand the issues relating to complicated property issues such as ownership of a family business, executive compensation packages, pensions, IRA’s, stocks, complex real estate ventures, and other assets which many have long-term tax ramifications.


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