5 Factors That Affect Division of Assets in Divorce

by | Nov 10, 2020 | Divorce

Although everyone hopes for a storybook marriage that lasts forever, divorce is actually very common in our culture. Beyond the emotional toll it takes, one of the most challenging aspects of divorce is deciding how to untangle the financial life you shared together. This becomes even more difficult when communication breaks down. The following article is a look at some factors that affect the division of assets in divorce.

1) Income Contribution

Who is the higher earner in your marriage? This can be one of the main factors that influences the distribution of assets in divorce. Although, don’t forget that debt is part of the financial equation, too, and must also be divided. Any debt that is acquired during the marriage must be shared fairly, no matter who charged the credit cards, or took out the student loans, etc. Contribution within a marriage takes many forms, such as who earns more, who does the cooking and cleaning and other household chores, or who cares for the children. All of these things should be taken into consideration when determining how assets are divided in divorce.

2) How Long Were You Married?

The number of years you were married is taken into consideration as well when a court needs to make decisions. If the couple has been together for a long time, it will be a different outcome than if the marriage only lasted a couple years. Ideally, both parties will maintain their standard of living after the divorce is finalized.

3) Fair Asset Distribution in Divorce

Typically, all assets accumulated during the marriage belong to both spouses. Although, there may be some instances when this isn’t the case. Unfortunately, it’s rarely as simple as dividing all debts and assets down the middle.

4) Prenuptial Agreement

For those with a legally binding prenuptial agreement in place, it may be easier to settle how assets are divided. It can be negative or positive depending on the terms of the agreement. A prenuptial agreement that can prevent you from getting your fair share of assets from the marital property.

5) Determining Property Value

It’s up to you and your former partner to determine the monetary value of everything you share ownership of. High-value assets may need to be appraised by a professional, especially if you own valuable assets like antiques, art, or real estate.

In some cases, it’s a good idea to have a formal assessment, so you can determine what’s fair. This extra step can help in setting expectations regarding how much money you’re entitled to receive if the property is sold, or what it would cost one spouse to buy out the other’s share.

Legal Advice

The division of assets in divorce is one of the more complex aspects of moving on with your life as a single person. In fact, money is one of the top things married couples argue about. So, it only makes sense that financial strife often carries into divorce. At Whipple, Mercado & Associates, LLP, we’re here to help you through this trying process. Schedule a free consultation with us today, or contact us by phone at (925) 344-5050.

Tammy J. Mercado

Tammy J. Mercado has a passion for helping her clients achieve their desired results. She listens and she personally and promptly responds to your texts, emails and phone calls. She offers real solutions to your legal matters. Tammy will carefully evaluate the legal issues in your case, provide you with sound advice and offer you the pros and cons of each possible scenario so you can meet your legal objectives. She encourages clients to participate in their own matters. Tammy believes that client participation is key to a positive result and to keeping attorney fees as low as possible. You can be sure that she will offer you straightforward, sound and honest advice in a professional manner, with integrity and excellence.

Before opening her own law practice, Tammy worked for many high-volume law firms. This gave her extensive, diversified experience in hundreds of complex family law cases as well as civil matters. She is admitted to practice law before all courts in California and the United States District Court for the Northern District of California. She is also a member of the American Bar Association, the Contra Costa Bar Association, the Alameda County Bar Association and the Bar Association of San Francisco. Tammy is also a member of the Rotary Club of Danville.

Tammy is a graduate of John F. Kennedy School of Law and holds a Bachelor of Science in business management from the University of Phoenix. Tammy is also a licensed real estate broker, which comes in handy for valuing property in family law cases as well as real estate matters in the civil arena.

During her off time, Tammy is an avid sailor who crews and races on various boats in the San Francisco Bay. Tammy approaches each case as she would any yacht race: by assessing the other’s strengths, weaknesses, experience, equipment, history and reputation. She is a member of the American Sailing Association, and she is a certified Coast Guard Auxiliary member.

HONORS AND AWARDS
Tammy was selected to receive the prestigious “Business Person of the Year” Award in 2017 for the San Ramon Chamber of Commerce.

Tammy is currently serving as Danville Rotary President for 2017 through 2019.

Mary C. Whipple, CFLS

Mary C. Whipple opened her first law practice in the summer of 2008. She previously was an associate attorney at the Law Office of Cummins & Holmes, a full-service civil litigation law firm in San Ramon. The majority of her experience is in family law, which includes divorce, custody, support, prenuptial agreements and domestic-violence restraining orders. Certified by the California State Bar’s Board of Legal Specialization, she is a specialist in the area of family law. Mary has also represented clients in a variety of non-family-law cases, including juvenile dependency, probate, breach of contract and employment disputes, to name a few.

Mary also previously worked as a contract attorney for O’Melveny & Meyers in San Francisco while simultaneously volunteering at the Bar Association of San Francisco’s Volunteer Legal Services Program, representing defendants in unlawful detainer actions. The program acknowledged Mary with an Outstanding Volunteer in Public Service Award in 2006 for her efforts in providing access to justice.

A seventh-generation Californian, Mary is a graduate of Loyola University Chicago School of Law. She earned her Bachelor of Science in criminology at Southern Oregon University in Ashland, Oregon. She is a member of the State Bar of California, the Alameda County Bar Association, and the Contra Costa County Bar Association.

In addition, Mary is active in her community as a member of the Ambassador’s Committee for the San Ramon Chamber of Commerce; a volunteer at the Contra Costa County and Alameda County Superior Courts, where she assists self-represented litigants in completing their divorces; and a member of Divorce Angel, where she provides information regarding family law matters to members of the community. Since 2007 she has been a volunteer judge for Alameda and Contra Costa County’s Annual High School Moot Court Competition. She is also a member of the Danville/Sycamore Valley Rotary Club. She was awarded the San Ramon Chamber of Commerce 2012 Business Person of the Year; and a graduate of the 2012 class of Leadership San Ramon Valley.

CERTIFIED LEGAL SPECIALTIES
Certified Specialist in Family Law by the State Bar of California Board of Legal Specialization