Orange County Property Division Lawyer
Practice Areas
Orange County Property Division Attorney
Divorce is often a complicated process, involving many steps to complete. Each step varies in complexity and can depend on the unique qualities of each divorcing couple. For example, mediation and litigation steps become much more involved when a divorcing couple has children due to the child custody and child support decisions necessary to dissolve the marriage. However, in nearly all divorces across California, one of the most complex steps is the process of property division.
Contrary to popular belief, property division isn’t exclusive to wealthy couples or those who own extensive or complex assets. Instead, property division is applicable to nearly everyone undergoing a divorce in California. If you own assets like a house, car, bank accounts, 401(k) plans, or other property with value acquired during your marriage, you’ll need to undergo division of property when you divorce your partner.
Orange County, California residents should reach out to The Law Office of Stacy L. Campuzano before initiating divorce. With the services of an Orange County property division attorney, you can ensure you receive the assets you rightfully deserve.
Do I Need to Hire a California Property Division Lawyer?
Technically, divorcing couples in California are permitted to represent themselves during their divorce proceedings. This policy includes the process of legal separation and property division. However, representing yourself during divorce and the division of property is rarely a wise decision. The complexity of property division and the value of collected marital assets mean that the cost of making an error is extremely high. As a result, the importance of consulting with an experienced Orange County property division lawyer cannot be understated. Without assistance, you could unknowingly miss out on assets you are rightfully owed.
Of course, some divorce cases are more complex than others. For example, if you’re dealing with complex assets like a family-owned business or real estate, the repercussions of failing to hire a lawyer can become even more severe. Consider the fact that before a business can be divided, it will need to be accurately valued. However, unlike with other types of assets, the process of valuing a business isn’t straightforward. Without a skilled legal professional to guide you, you risk falling victim to unfair valuation and division.
By contrast, if your divorce is amicable and your assets relatively straightforward, it might be tempting to forego hiring an Orange County property division attorney. Even in these instances, however, divorcing individuals can benefit from consulting with a lawyer. Your lawyer will provide you with essential legal advice and guidance throughout the entire property division and divorce process. In addition, your CA property division lawyer can ensure that you’re completing all the necessary paperwork, as well as submitting all of those documents on time. The amount of paperwork involved in an average divorce case can be extensive, and property division is certainly no exception.
What Are Property Lawyers Called?
In California, property lawyers are a type of family law attorney who specialize in divorce and property division. As a result, they can be referred to as property division lawyers/attorneys as well as division of property lawyers. You may also see your property division lawyer refer to themselves as a divorce lawyer
How Will CA Community Property Laws Impact My Divorce?
Although most states utilize equitable distribution laws, this isn’t the case for California. Instead, California is what is known as a community property state. During the asset division process, this can have a significant effect on how your property is categorized and divided. In a community property state such as California, most assets are considered marital or community property subject to equal division in California family court. This is different from equitable property states, where ownership is determined based on a standard of what is fairest or most equitable.
Typically, if an asset was acquired by either party at any point during the marriage, it will be deemed marital property. Exceptions to this rule do exist, such as in the case of an inheritance, financial winnings from a previous personal injury case, or a special gift given during the course of the marriage. Additionally, the existence of a valid legal agreement (such as a pre-nuptial or post-nuptial agreement) can assert that a specific asset or assets must remain one of the parties’ separate property.
If an asset was acquired by either party before the start of the marriage, that asset will be considered separate property by California courts. When an item is separate property, it won’t need to be evenly divided between the parties during a divorce. Instead, the asset will belong solely to the owning party.
In community property states like California, mitigating circumstances are considered to a far lesser degree than in equitable property states. For example, if one individual is the only party who was employed throughout the marriage, this won’t impact how financial assets are divided during property division. Instead, assets are divided evenly between the two parties, regardless of their individual financial or employment circumstances.
How Are Debts Divided During a California Divorce?
In California, debts are treated much like any other kind of marital property. This means that they are split evenly between the two parties during a divorce. Both spouses will become equally liable for any debts that were incurred over the course of the marriage, whether or not the spouse was previously aware that those debts existed.
When unknown debts arise during a divorce occurring in a community property state, the resulting division can lead to serious contention. Your Orange County division of property lawyer should be available to help you work through these issues as they arise.
What Are the Stages of Property Division?
The process of property division can be broken down into four individual steps. These steps include identification, classification, valuation, and division.
Step 1: Identify the Property
First, you will need to identify all property owned by you and your soon-to-be-former spouse, including both marital and separate property. Your attorney will discuss the process with you and help you compile an itemized list that contains all assets and debts owned by either party. It is important to note that if you suspect your spouse is hiding assets to avoid their division in court, you should notify your attorney. Your spouse may face perjury charges or financial penalties.
Step 2: Classify the Property
Once you have compiled a list of all property, you can start classifying each asset or debt. As mentioned, in California, most assets will be considered either marital or community property. However, it is also possible for some assets to be deemed quasi-community property or mixed property.
Quasi-community property was acquired by either individual while they were living in another state during the course of the marriage. Regardless of the laws of that other state, the property is considered community property under California law. Legally, quasi-community property is treated like any other form of community property during a California divorce and may include real property, financial assets, or both.
Mixed property occurs when marital property and separate property become melded together during the course of a marriage. For instance, consider a home one party had purchased and owned before the marriage. Subsequently, they sold the home and used their earnings to put a down payment on another home after the start of the marriage. While the down payment itself would be considered separate property under California law, the equity that results from paying down the house during the marriage would be marital property.
Step 3: Value the Property
After the classification of all property on your asset list, your attorney will begin the process of valuing the property. A fair market value will be assigned to each item of property, and this value will be used to determine how the property is divided between the two parties. Your division of property attorney will likely seek property valuation input and appraisals from experts to ensure a fair valuation and property division outcome.
Step 4: Distribute the Property
After valuation has taken place, all qualifying property will be divided between the divorcing parties. Again, because California is a community property state, division will be performed roughly evenly based on the value of each debt or asset. While an exact 50/50 division is rarely possible, the aim of California community property laws and the division of assets is to achieve as equal a division as possible.
Top CA Division of Property Lawyer
If you’re facing a divorce in Orange County, California, the property division process is likely inevitable. Although property division can be complex, the process can be made far more manageable with the services of a trusted OC California property division attorney. Your property division attorney can ensure all property is accurately identified, classified, valued, and distributed, helping you receive a fair share of the property you own. In addition, a skilled attorney can help you uncover your ex-spouse’s hidden assets, subjecting your property to fair division and holding your spouse accountable for their deceit.
Before you begin the divorce process, secure the skilled services of The Law Office of Stacy L. Campuzano. Our Orange County property division attorneys have been serving area couples for a number of years and can help you receive the property division outcome you deserve. Contact our firm for more information or to request a consultation.
