If you’ve spent any time flipping through cable channels or diving into YouTube over the past decade, then you’ve seen that there is no shortage of channels dedicated to a do-it-yourself (DIY) mentality. This DIY guidance can range from small household fixes like replacing an electrical outlet, to making fancy cake pops, to replacing a classic car’s transmission, to flipping a house. While there is pride in using your own hands and saving money by not paying a professional, the DIY mentality does not translate well when it comes to representing yourself in a legal matter.
Dividing Community Property Can Be Complex
When a marriage ends, there are significant legal issues that a couple has to resolve, including property division, alimony, and child custody. Some couples choose to reach agreements as to these issues without consulting with attorneys. Whether this is based in trust, a desire to end the marriage quickly, or to save money, it is rarely a good idea. Especially in the case of property division, it is easy to get ripped off if you are unaware of your legal rights. You must be aware of your legal rights. It is possible that you could waive these rights forever once the matter is signed by the Court, which is something you should never risk.
While settling property division without an attorney might make sense if a couple has little in the way of assets, it makes no sense if you are wealthy and have complex property. The reason we hold this belief is because of how property is divided upon divorce. In essence, each spouse is entitled to half of all “community property”—which is generally property attained during the course of the marriage. In contrast, separate property is that which a spouse brought into the marriage or received individually as inheritance or a gift.
The classification of what is and is not n’t community property matters because a court only divides community property, while separate property stays exclusively with its owner. This classification can make an enormous difference in what you walk away with. An attorney understands the nuances in properly classifying property.
This leads to the next benefit of utilizing an attorney—they can then utilize the appropriate experts to appraise the value of the community property. We cannot understate the significance of accurate appraisals of property. The lack of proper appraisals of all marital property—especially complex property like business interests—can lead to an inaccurate and unfair division of community property.
You have significant legal rights when it comes to your wealth. Therefore, it makes little sense to leave your financial fate to chance when you can hire an attorney who can help you protect your interests.
Trust Viloria, Oliphant, Oster & Aman L.L.P. to Fight for You
Viloria, Oliphant, Oster & Aman, L.L.P. is a full service law firm that provides representation to individuals tailored to their needs. If your marriage is at its end, you should consult with one of our lawyers. Issues like property division, alimony, child custody, and child support are too important to experiment with. Our attorneys are intelligent, thoughtful, and proven. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 204-0388 to schedule an appointment or contact our office through our website.