Orange County Marital Property Division Lawyers
Marital Property Division Attorney in Orange County, CA
Orange County Trial Lawyers have provided Orange County clients with important legal services for several years. Orange County Trial Lawyers concentrates on particular areas of law, one of the most important of which is family law. An experienced attorney at Orange County Trial Lawyers can assist you with all aspects of your divorce case, including child custody matters, visitation, child support, spousal support and marital property division.
Marital Property Division in a Community Property State in Orange County, CA
California is a community property state, meaning that any income, assets and debtsare assumed to belong to both parties in the marriage. There are exceptions to this rule, including assets that were acquired prior to the marriage, gifts and inheritances. However, once funds are commingled or if there is not a direct link between the funds that were used for a piece of separate property, these assets can also become community property. Community property applies to both personal property and real property. An experienced attorney can assist you in identifying assets and debts that are community property and separate property. Contact Orange County Trial Lawyers to retain the services of an experienced marital property division attorney.
Steps in Marital Property Division in Orange County, CA
The first step in dividing marital property is to prepare a complete and detailed list of all separate and community assets and debts. The fair market value of these items should also be determined when applicable. This information will be included on the Schedule of Assets and Debts form that is mandated by the courts during a divorce. If possible, the spouses can try to decide on a fair division of assets and debts so that each party receives an equal net share of the items. The parties must consider many factors when negotiating a fair settlement, such as who should receive items of great value, the impact of dividing debt when creditors are not required to honor a divorce agreement and the likelihood for an item to increase or decrease in value. Pension plans represent their own distinct and complicated set of issues. Many times, a pension plan must be joined as a party in the case. If the couple is unable to compose an equitable distribution of marital property on their own or during negotiations, the couple can request a trial. At the trial, the judge will hear testimony from the spouses and will make a final ruling on the distribution of the marital property.
Problems with Marital Property Division in Orange County, CA
Several problems can arise when spouses are attempting to divide their marital property. One party may attempt to hide assets, the parties may disagree about the value of particular pieces of property, a party may claim that particular property is separate and not marital property or the parties may be unable to reach an agreement regarding the distribution of their property. After a divorce is finalized, one party may not comply with the terms of the divorce agreement, may refuse to turn over certain pieces of property or new assets or debts may be discovered. An experienced marital property division lawyer is aware of the various issues that arise during this important process of a divorce.
