Property Settlement in Mission Viejo
divorce case there are various issues that must be resolved; one of the more prominent
ones is property division. This can be done through negotiation and an
agreement outside of court, or your case can be argued in court in order
to obtain the best possible outcome. A property settlement is a way of
dividing pre-marital and marital assets outside of court. It is a signed
agreement that determines which individual will receive certain assets.
These agreements can be extremely detailed down to each individual item;
however they generally pertain to more valuable assets such as real estate,
shares or stock, vehicles and other property. Personal keepsakes generally
hold no interest for the other spouse and they are usually compliant with
the wishes of their spouse to keep certain property for themselves and
no legal documentation is required to enforce this.
How is property divided in California divorces?
California is considered a community property state. What this means is
that property is either classified as community property, which is owned
by both spouses, and separate property, belonging to only one spouse.
In general, community property is divided equally between the spouses
but the separate property is not divided as a part of the marital property
because it already belongs to one spouse.
Community property is any earnings, assets or property acquired during marriage. Community
property also includes negative assets, such as debts, incurred during
marriage unless the creditor is looking to only one spouse’s separate
property for repayment. In general, the
division of debt during a divorce is also done the same way as community property.
Separate property includes any gifts or inheritance intended for only one
spouse, including personal injury settlements and awards or anything gained
from a pension that was vested prior to the marriage relationship. Anything
purchased with separate property is also considered the sole belonging
of that one spouse, even if it was purchased during the marriage. However,
if one spouse combines separate property assets with community property
assets to acquire new property, that new property will generally be considered
community property. Mixing the two usually ends up meaning that the separate
property will become community property.
Dealing with Orange County property division issues?
There are many issues that can arise in division of property as the division
of separate and marital property must occur. These different assets must
be divorced, while marital assets may be divided 50/50, there are cases
where separate assets may be divided 80/20 or at another ratio. This can
be a serious issue when separate and marital assets are combined as in
the case of a bank account where pre-marital funds and marital earnings
were deposited by both parties.
At The Hunter Law Group we have experience in the various issues that arise
in divorce; additionally we have been practicing
family law for many years. If you are facing asset division then you will benefit
from the assistance of an Orange County divorce attorney from our firm.
Whether you are seeking asset division through property settlement or
if your case will be going to trial, you will benefit from the assistance
of our firm.
If you need a lawyer for a property settlement in Mission Viejo, contact our firm!