Property and Assets Law Offices of Richard K. Isles Attorneys Riverside California

Property and Assets

Property and Asset Division in a Divorce

After you have sat down with an experienced Family Law attorney, it will be obvious that an important issue in almost any marriage of lengthy duration is property and asset division. Therefore, it is vital you retain a highly experienced attorney who is knowledgeable on finances. Family Law Attorney Richard K. Isles has 20 years experience handling asset division property cases.

Assets can include vairious types of property and financial interests acquired by divorcing spouses. We have listed the most common types of financial assets below, but there are more. Therefore, if you have questions regarding property division in a dissolution of marriage, or a legal separation, please call our office. Our Paralegals on staff will answer your questions, or direct you to the attorney for further assistance.

Financial assets include cash, savings accounts, checking accounts, Certificates of Deposit, money market accounts, stocks, bonds, Real Estate Investments Trusts (REIT), mutual funds, and savings bonds.

Retirement assets are included as well and usually include defined benefit plans, defined contribution plans, IRAs, and Roth IRAs. It is important that you determine how defined benefit plans, such as pensions, will be divided between you and your spouse.

Personal Property includes your personal possessions, particularly those items which are important to you. Often this refers to larger items such as cars, boats, jet-skis, motor homes, jewelry, furniture, photographs and personal papers.

Real Estate is usually the most valuable property asset and may include your residence, vacation homes, timeshares, land, rental properties, commercial and residential, and business property.

The most common question asked is Who is going to pay the expenses until the property is sold or bought out? It is important to address this question to avoid delinquent payments, so we emphasize that you contact our law office and schedule a complimentary consultation as soon as you are aware that a divorce is in the beginning stages.

A family or closely owned business is considered an asset. Before one spouse agrees to take a business interest, it is important to be sure there are no restrictions on owning the interest.

Life Insurance policies sometimes have a cash-value. This means the owner could borrow from the policy or trade the promise to pay a future sum at death for the current cash value, less costs and or charges.

Finally, we include additional assets in general as Flyer Miles, lottery or prize winnings, club memberships, inheritance and gifts, and trusts naming one spouse as a current beneficiary.

Any asset to be divided in a dissolution of marriage can potentially make a big difference in your post-divorce life. Making the right decisions now can go a long way toward making sure your future retirement, kids college, and even your grandchildren's legacy is protected. It is extremely vital that your property, and financial assets are all considered in a divorce. With this said, call us for a complimentary consultation or visit our website for further information.

Blog Topic

Property and Assets

Topics

Recent Updates

Subscribe