Redondo Beach Property Division Lawyer

Property Division Attorney in Redondo Beach, CA

Property division is often one of the most difficult aspects of a divorce. The decisions you make now regarding your assets and debts can have a lasting effect on your financial stability after the divorce. Working with a Redondo Beach property division lawyer can give you peace of mind that your assets are being divided without leaving you with an unfair financial burden.

Rombro & Manley LLP: Hire a Property Division Lawyer From an Established Law Firm

With over 40 years of experience, Rombro & Manley LLP has helped countless couples find a property division strategy that aligns with their goals and financial interests. Our Redondo Beach family lawyers are Board-Certified Specialists in Family Law who understand California’s property division laws. We are ready to help, whether you simply need professional guidance on how to divide certain assets or are facing a dispute with your spouse over property division.

How Assets Are Divided in a Property Division Case

California is a community property state, which means marital assets are divided equally between spouses. With a median household income of $152,387 in Redondo Beach, dividing assets fairly is important, as even small errors can involve large dollar amounts. 

While equally dividing assets may sound simple, there are a lot more factors to consider during a property division case. In fiscal year 2023-2024, there were 108,403 marital cases filed, which include divorces and separations. Each of these cases involved unique assets and financial information, resulting in an individualized property division plan.

If you hire a property division lawyer, they can help you build a strategy that takes into account the types of assets you own, their value, and both spouses’ personal interests and financial concerns.

The Difference Between Community and Separate Property

During property division, the two types of property are community and separate property. Understanding the distinction between these two types is essential, as it determines whether an asset can be divided or will remain separate.

Community property includes assets that were acquired during the marriage. Often, this includes income from during the marriage, the marital home, and debts acquired during the marriage. Community property is divided equally between spouses.

Separate property includes assets that were acquired before the marriage, personal gifts, and inheritances made to one spouse. These assets remain the property of one spouse during and after a divorce. Sometimes, separate property may become community property if it was used to contribute to marital assets or commingled with community property funds. For example, if pre-marital earnings were used to acquire the marital home, a spouse may lose their claim to that separate property.

Types of Assets You Must Consider in a Property Division Case

Property division laws require spouses to fully disclose their financial assets so that each piece of property can be considered in the property division plan. The assets involved in your case vary depending on your marital estate, but many spouses must decide how to split assets such as:

• Real estate. The average home value in Redondo Beach is $1,506,935, making it many spouses’ largest asset. This number may be even higher in neighborhoods such as The Esplanade or Hollywood Riviera.
• Financial accounts. Spouses must assess the value of all their banking and investment accounts. This can be complex when pre-marital earnings or investments are in the same account as community property.
• Retirement accounts. IRAs, 401(k)s, and pensions can all be divided during a divorce. This must be done carefully so as to avoid disrupting existing retirement plans.
• Business assets. Business assets are challenging as they are difficult to value and have the potential to generate future income. A lawyer can help you find a solution to dividing these assets, such as a buyout, offsetting the value of the business with other assets, selling the business, or co-ownership.
• Personal valuables. Belongings and miscellaneous property are not to be overlooked, as the value can add up quickly. Vehicles, furniture, art, jewelry, and other valuables can all hold significant financial value as well as have sentimental value to many spouses. 

FAQs About Redondo Beach, CA Property Division Laws

What Assets Cannot Be Split in a Divorce in California?

Assets that cannot be split during a divorce in California include assets designated as separate property, including assets acquired before the marriage, as a personal gift, or in an inheritance. Assets that are determined to remain separate in a prenuptial or postnuptial agreement also cannot be split. If you are unsure if a specific asset is subject to division, you should speak with a Redondo Beach property division lawyer who can offer case-specific guidance.

What Is the Biggest Mistake During a Property Division Case?

The biggest mistake in a property division case is failing to accurately identify and disclose all of your assets and debts. Hiding assets, even unintentionally, can make it extremely challenging to create a fair division plan. When uncovered, hiding assets can also lead to severe financial and legal consequences. A Redondo Beach property division attorney can help you make sure each asset is properly disclosed and valued between you and your spouse.

What Are the Three C’s of Divorce?

The three C’s of divorce are communication, compromise, and cooperation. These three principles are essential for an uncontested divorce and can help spouses achieve an amicable split. During property division, the three C’s can improve the likelihood of spouses finding a mutually agreeable property division strategy without the need for court intervention.

Are Retirement Accounts Acquired Through One Spouse’s Job Split During a Divorce?

Yes, even if a retirement account was an employment benefit that one spouse earned, it is still subject to division during a divorce. If the contributions to the account were made during the marriage, it is considered community property. However, if the account was created before the marriage, a lawyer can help you calculate the pre-marital contributions, including appreciation, which can be kept separate.

Speak With a Redondo Beach Property Division Attorney

Protecting your financial future is especially important during a huge life transition such as a divorce. Finding the right property division strategy is key, as it can be the difference between moving forward and being left with unjust financial hardship. If you are looking for professional guidance during the property division process, contact Rombro & Manley LLP.