Division of Assets in Los Angeles, CA
Divorce cases often involve the division of assets that requires forensic experts to ascertain their value and proper method of division. In such cases, the attorney must have the experience and knowledge needed to identify a vast array of financial, legal, accounting, and tax-related issues relative to the division of these assets. Your attorney must also assemble, supervise, and manage a team of experts to prepare and present your case. For the effective legal representation you need during your divorce, contact Zitser Family Law Group, APC today to discuss your case.
How are assets divided in a California divorce?
California is an equitable distribution state, meaning your attorney must determine whether your assets are considered community or separate property. Community property is anything acquired throughout the duration of your marriage, while separate property includes any assets acquired prior to or after your marriage. Determining asset division is one of the most contested matters in any divorce, so you must have strong legal representation on your side.
Closely Held Business
As opposed to a publicly traded business, a closely held business is typically owned and managed by a small group of shareholders. These types of businesses include automobile dealerships, media businesses, high tech, and other high growth companies, property insurance companies, and small businesses like bars, gas stations, construction companies, banks, and printing companies. Because shares of closely held businesses are not publicly traded in the stock market, it is difficult to determine their value. Valuation requires looking at the level and timing of future cash flow, as well as the certainty of the future of the business.
Professional practices include legal, medical, and dental practices. Oftentimes, professional practices present unique valuation issues. For example, healthcare costs are rapidly rising and must be accounted for when evaluating a medical practice. Additionally, professional practices typically require a large malpractice insurance policy which must be considered. Often, the future success of these practices depends on intangible assets like customer goodwill and the skill of the professionals involved.
Real estate holdings may include high price homes, vacant land, and shopping centers. Valuation requires looking at comparable real estate sold in the area, replacement value, and cash flow of any income properties. Further, analyzing zoning codes and the need for specific types of property are essential in an accurate real estate valuation.
Fortune 500 Company Pensions
Equitable distribution of Fortune 500 Company pensions requires taking into account projected retirement age, the projected value of the pension, and deciding whether to divide it equitably over time or all at once.
Assets and the Entertainment Industry
A divorce where one or both parties come from an entertainment background can be especially challenging. Not only are different businesses often involved, but there are other tangible and intangible assets that need to be accounted for. For example, there are assets that generate revenue like patents, trademarks, royalties, and other intellectual property. There are also assets that lack specific economic benefits, like customer lists and the expectancy of repeat patronage. Experts are required to determine the equitable distribution and the value of these assets. Selecting the correct expert, presenting a persuasive case, and weakening the case of the opposing side are often essential in obtaining a favorable outcome.
Contact Zitser Family Law Group
When dealing with any of the assets listed above, you can appreciate how important it is that you select the right expert and present the case in the most favorable light for your particular circumstance. Here at the Zitser Family Law Group, we possess the knowledge and experience it takes to handle the division of these assets. We will represent your interests utilizing the extensive resources at our disposal to obtain the best possible outcome for you. We will help you evaluate the multitude of factors involved and guide you to find a solution that is uniquely right for you. Contact us today.