Real estate ownership and marriage are both serious commitments in the eyes of the law.
Who Owns the Real Estate?
The name that is on the title of a piece of property usually indicates who owns it. However, the community property aspect of a marital estate may also have bearing on who has the right to own real estate after divorce.
What Will Happen When Property Is Divided In Divorce?
Equitable distribution of property in your California divorce will of necessity takes into account the value of real estate that either or both of you have title to. Property division can become complicated in some cases. It is not normally feasible to divide ownership of a piece of real estate. Most divorcing couples intend to untangle all financial interests through divorce. In some cases, people engaged in divorce are forced to sell real estate properties and divide the proceeds. If you hope to avoid doing this, talk to a family law attorney with ample experience handling high-asset divorces with complex marital estates.
Separate, Marital Or Co-Mingled Property?
Real estate that one or both of you owned before the marriage may be considered separate property. However, if co-mingled funds were used for maintenance of those properties, these real estate holdings may be partially or wholly marital property now. Did you use a joint bank account to pay property taxes on a family-owned vacation home? Did your spouse assist in cleaning or repairing a rental property that you brought into the marriage? Did you refinance any previously separately owned real estate property during the marriage?
A good family law attorney should be able to help a client deal with the legal impact of any major life event or life change, such as divorce, adoption, child support modifications, visitation or custody, spousal support, and division of assets.
Fortunately for you, the prospective family law client, at Kearney Baker, our twenty-year track record is more than good. From initial consultation through the amicable, inexpensive settlements we aim for, we are sensitive to your needs, constantly in touch, prepared for any development, and budget-conscious.
A Full Service Family Law Firm
Only a truly full service family law firm would monitor changing circumstances to see if a modification of the stipulations in your divorce agreement is necessary. Living conditions change, jobs are taken and lost, and incomes fluctuate. We are on the lookout for those changes, and know how to help you deal with them. Consider it a kind of service after the sale.
At Kearney Baker, we do our best to resolve your case and post-divorce issues as economically as possible, given the tax implications of these actions. Some negotiated resolutions or trials can have potential tax consequences. Our lawyers keep a close watch on new tax developments and pass that word on to our clients.
If a domestic partnership is in your plans, Kearney Baker can advise as to your registration, intra-state benefits, and the role of city and state pensions as spelled out in California’s Domestic Partnership Act.
Prenuptial and Cohabitation Agreements
Many marriages could benefit from premarital financial planning and prenuptial contracts that list the responsibilities of each spouse. Our attorneys will be glad to draft and analyze a marital or cohabitation agreement that suits your needs.
Let Us Hear From You: Pasadena and San Gabriel
We cannot begin to address your family law concerns until you contact us by phone, fax, or e-mail. You can schedule your initial consultation in those ways, or use the consultation form available online.