Property Settlement in Mission Viejo
In every 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 more than 30 combined 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! Confidential case evaluation available.
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