Attorney k Counselor At Law
Fountain Plaza Office Building
23461 South Pointe Drive, Suite 350
Laguna Hills, CA 92653-1546
Telephone: (949) 206-9900
Call Toll-Free
1-877-77-DIVORCE
(1-877-773-4867)
Property division can be a complex and time consuming process. The towels hanging in the bathroom may say "HIS" and "HERS," but in a community property state such as California both towels usually are "THEIRS." Because the lines of his and hers are blurred, sorting out the ownership of the marital assets can be difficult.
Community property refers to the special status granted to assets purchased by the couple during marriage. Both the husband and the wife have an interest in this property even though it may have been bought with the earnings of only (or primarily) one of the partners. The court will decide, if the opposing parties cannot, which assets are to be given to which individual. Considerations include the income of each spouse during the marriage, the career earning potential of each spouse, child care and homemaking efforts, the financial resources and needs of each spouse, and the contributions of each spouse to the property in general.
Moreover, separate property must be confirmed to the parties. Separate property is normally characterized as property owned prior to the marriage, received during the marriage as a gift or bequest to one of the parties individually, or acquired after the marriage, which has not been commingled.
Property division can have far-ranging and long-term effects. Pension plans, IRAs, and other investment options must be characterized and divided. Loans, liens, notes, and mortgages, must be accounted for, together with the properties that they encumber. Sale or transfer of some properties may substantial tax consequences for either or both parties. And there is almost always a few items with unmeasurable sentimental value.
Often, spouses "trade" concessions: for example, one partner takes the family residence and the other retains the family business and/or investments. The division process can be as minute or as global as the parties require. Further, the process can be done quickly and efficiently if the parties can agree on a settlement, or it can become a long and expensive process if the court must consider all the issues and make the divisions.
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