San Jose Property Division Lawyer

Obtaining a divorce in the state of California can be a difficult and emotional experience. When certain topics of that divorce are contested, such as child custody or property division, it can make this experience all the more challenging. At the Law Offices of Rod Firoozye, we understand just how mentally and emotionally draining these cases can be and hope our team of San Jose property division lawyers offer legal guidance and support vital to your case.

Division of Assets and Debts in California

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. Additionally, you cannot legally sell or give away anything deemed to be community property without the prior knowledge and consent of your divorcing spouse.

After Filing, Restrictions Can Limit Property Transactions

Once your divorce has been filed, there are restrictions put in place that can limit any property transactions, including any borrowing you might do against items deemed to be marital property.

Assets that are frequently divided in Divorce/Domestic Partnership Disputes may include:

• Community Residences
• Vacation Homes
• Rental Properties
• Timeshares
• Corporate Shares in Public Company
• Corporate Shares in a Closely Held Business
• Stock Options and Grants
• Partnership Interests
• Patents
• Copyrights
• Frequent Flier Miles
• Debts that are frequently divided in Divorce/Domestic Partnership Disputes may include:
• Mortgages on Properties
• Credit Cards
• Personal Loans
• Judgments

Having previously handled complex business litigation disputes the team at the Law Offices of Rod Firoozye has special knowledge in handling the division of very complex assets. We also have specific experience in dealing with properties that may have intangible interest and cannot be valued specifically.

Impact of Date of Separation

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 our 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.

Defining Separate Property in a San Jose Divorce

When making a determination on property division in California, if the divorcing couple themselves cannot reach an agreement, they will need to go before a judge who will have the final say in how marital assets and property will be divided in the final divorce decree. However, many couples may be curious as to what forms of property are considered separate and, therefore, exempt from this consideration.

Some Assets Are Not Considered to Be Community Property

In California, the assets or items of property that are not subject to community property division rules can include the following:

• Any property that was owned by one spouse before the marriage was legally established.
• Any profit from property that was owned by one spouse prior to the establishment of the marriage, with a few exceptions.
• Any property or profit that was inherited by one spouse or received as a gift either before or during the marriage.
• Wealth or earnings that were acquired after the legal separation was established.
• Any income that was earned while living apart and separately.

Can Separate Property Be Changed Into Community Property?

In certain scenarios, with the consent of both parties, separate property can be changed into community property or vice versa. This can be done through the recording of a title change, also known as a transmutation. For this to be valid, it must be done in writing. It is also important to note that, in cases where transmutation affects a third party, like a creditor, that creditor must be notified of the ownership change.

Speak With a San Jose Divorce Lawyer Today

At the Law Offices of Rod Firoozye, we understand just how difficult divorce cases are when it comes to the contested topic of property division, especially in cases where the assets and property owned by the divorcing couple are considered to be complex or of high net worth. When you work with our firm, you can rest assured knowing that we have your interests in mind and are ready to protect your hard-earned property.

Contact our offices today for more information.