Division of Assets and Debts
When the time comes to divide property during a divorce, complex issues can begin to surface. Under California law, you are entitled to a portion of community assets gained during the marriage and you retain assets you personally acquired before the marriage or inherited during the marriage.
Assets that are frequently divided in Divorce/Domestic Partnership Disputes may include:
- Community Residences
- Vacation Homes
- Rental Properties
- Time Shares
- Corporate Shares in Public Company
- Corporate Shares in a Closely Held Business
- Stock Options and Grants
- Partnership Interests
- Frequent Flier Miles
- Debts that are frequently divided in Divorce/Domestic Partnership Disputes may include:
- Mortgages on Properties
- Credit Cards
- Personal Loans
Having previously handled complex business litigation disputes we have special knowledge in handling the division of very complex assets.
We also have experience handling cases were there are substantial debts or various properties are worth less than their present fair market value (under water).
Impact of Date of Seperation
Assets acquired after marriage and until the Parties separate are generally presumed to be community property and subject to equal division. The date the parties separate is referred to as the date of separation and frequently is the date when one of the parties moves out of the joint residence.
However, in some occasions parties decide to separate but one spouse never moves out. In other occasions, one spouse moves out but continues to come back to the residence and still see the other spouse.
In such circumstances, the determination of the date of separation may have a dramatic impact on the division of assets and or debts, since all assets and debts acquired after the date of separation, is considered each spouse’s separate property (or debt).
Frequently Parties end up arguing about their date of separation and the law in this area can be complicated.
Impact of Division of Assets and Debts on Support
If you or your spouse owns a business, we will help sort out the assets and income that are due to you. Stocks are a complex issue, especially in the Silicon Valley. The value of stocks and stock options can be used to determine child support and alimony payments, if they came from an employer. We will bring my knowledge to your case and will help determine stock ownership and entitlement, the tax liability associated with the stocks and the amount of spousal and/or child support due as a result of the value of the stocks.
Should you or your attorney require assistance with a division of assets or debts, you should contact the Law Offices of Rod Firoozye.
The Law Offices of Rod Firoozye
Certified Family Law Specialist
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Rod Firoozye is a Certified Family Law Specialist, regularly chosen as a Top Attorney in Northern California by his professional peers, as published by San Francisco Magazine.
We handle cases throughout Silicon Valley and the San Francisco Bay Area from my Palo Alto office, including Santa Clara County and San Mateo County and the cities of East Palo Alto, San Jose, Mountain View, Los Altos, Sunnyvale, Santa Clara, Cupertino, Menlo Park, Redwood City, Atherton, Los Gatos, Campbell, Los Altos Hills, Portola Valley, Saratoga, Burlingame, Belmont, San Carlos, Hillsborough, Millbrae, San Mateo, Daly City, Half Moon Bay, Woodside and Milpitas.