Getting What’s Fair In Property Division
Property division is often one of the most complex issues in a divorce. This is particularly true in a California divorce, because we are a community property state.
Many of our clients are high net worth individuals who require attentive and experienced help with property division. We offer free consultations to discuss and assess your matter. To schedule an assessment with a high net worth property division lawyer, call Gumm & Green, LLP at 818-707-4233 OR 855-707-4233.
The Three Property Types
We can educate you about the types of property that can be considered in your divorce.
- Community property: Community property is all property, real or personal, that was acquired by a married person during marriage. This can include homes, vacation properties, vehicles, boats, retirement accounts and more.
- Separate property: Separate property is property that was owned prior to marriage or after the date of separation. Separate property also includes property that was acquired during marriage as a gift, bequest, devise or descent, including an inheritance or personal injury settlement.
- Transmuted property: Each transmutation requires careful analysis. Transmutation occurs when, during a marriage, the spouses agree to change the status of any or all of their property, thus converting separate property into community property or community property into separate property. It can apply to any item with substantial value.
An example of transmutation: A husband owned a home in Malibu with $500,000 in equity prior to the marriage. After the couple married, they refinanced the home, putting title in both spouses’ names, and it became community property. The home in Malibu is no longer considered the husband’s separate property, with the exception of the original $500,000 in equity. If the husband was not subjected to undue influence — threats, coercion or duress — when the transaction occurred, the transmutation is considered valid.
Contact a Westlake Village High Net Worth Property Division Attorney
With over 50 years of combined experience we understand divorce. Work with a firm that focuses on you. Contact Gumm & Green, LLP today. Schedule a free consultation to discuss complex asset division and how to protect what is yours. Call 818-707-4233 OR 855-707-4233.