Laguna Beach Property Division Attorney
Divorce is seldom easy, and few battles in life are as emotional and contentious as dividing property. If you are getting divorced in Laguna Beach, you need a Laguna Beach property division lawyer who will strategically and aggressively protect your rights.
At Minyard Morris, we know that your future is riding on the assets you walk away with after a divorce. Our Orange County divorce lawyers possess both power and skill to obtain the legal outcomes you deserve, regardless of whether your property division case appears simple or involves complicated issues.
About Minyard Morris
Mark E. Minyard, a Laguna Beach property division attorney, founded Minyard Morris for those who demand the highest level of representation at every stage of their divorce.
With 20 family law attorneys, over 350 years of collective experience, and multiple firm-wide case strategy meetings every week, Minyard Morris collaborates in a way that ensures every client is receiving the benefit of our firm, not just the individual Laguna Beach divorce lawyer they work with daily.
Property Division Laws in California
California is a community property state, which means that both spouses equally own the property that was acquired during their marriage. State law requires a 50/50 split of community property, but there can be different ways to divide marital assets equally. Courts in Orange County follow these laws, but many divorcing couples may disagree over what property is community property or the value of certain marital assets.
The family home, for instance, may have both monetary and sentimental value in Laguna Beach, and one spouse may want to retain it. Other common types of property that are disputed may include investment accounts, retirement plans, and businesses. If the property division process is contested in any way, you need an experienced Laguna Beach property division lawyer on your side.
Understanding Community Property
In California, one of the first issues the court must determine when a marriage ends is what constitutes community property. California state law defines community property as any assets and debts accumulated during marriage. The title may not be dispositive.
In other words, it does not matter if one spouse earned the income or bought the property. Spouses are presumed to have an equal interest in community property. It is important to understand what qualifies as community property, as it will usually be split evenly upon divorce. Some common examples of community property include:
- Property acquired during the marriage, whether residential property or rental property
- Joint bank accounts
- Income acquired during the marriage
- Personal items, such as vehicles or furniture
- Debts, such as mortgage payments or credit card debt
- Retirement accounts
- Digital assets and cryptocurrency
The law assumes that property acquired during the marriage belongs equally to both spouses.
Examples of Separate Property
There are some assets that are not distributed equally in a divorce. California law provides that there are certain assets that are the sole property of one spouse. These are referred to as separate property. Separate property issues are particularly relevant in high-net-worth divorces, as well as those involving large inheritances or assets accumulated prior to marriage.
Accurately recognizing and preserving separate property assets can create significant shifts in the value outcomes of legal proceedings. A separate property claim must be validated with proper documentation and possibly professional testimony to defeat legal challenges. Some examples of separate property include:
- Inheritances
- Gifts
- Property owned before the marriage
- Property acquired after separation
Issues arise when separate and community property become commingled (or mixed). If an inheritance was used to improve a family home, for instance, that property might not be divided in the same way.
CDC stated that there were 2,041,926 total marriages in the United States. The marriage rate was 6.1 per 1,000 population. The United States recorded 672,502 total divorces with data from 45 states, but California was not included. The divorce rate was 2.4 per 1,000 population.
FAQs
What Steps Are Involved in the Division of Property?
Property division requires four steps. First, each spouse lists their property and debts. Second, the court identifies which items are community and separate property. Third, the court or spouses assign values to each item, which can sometimes require the help of forensic accountants or appraisers for complex assets. The court equally splits community property between spouses, granting them each a fair amount of its total value.
What Are the Two Basic Divisions of Property?
California law allocates the property of a divorcing couple into two categories: community property and separate property. Most property and debts that a couple acquires during their marriage are considered community property and are to be divided equally. Separate property is anything owned before the marriage or any inheritance or gifts received by only one spouse. It’s important to properly identify the two in order to protect what’s yours.
What Is the 5-Year Rule for Divorce in California?
In California, the “five-year rule” applies to a type of summary dissolution. If a couple is married for less than five years, has no children, has relatively few assets, and has no real estate, they may be eligible for summary dissolution. This is a form of divorce that avoids a potentially long period of litigation. Couples who have been married longer than five years or who need property division cannot use the five-year rule to simplify their divorce process.
Hire a Property Division Lawyer
If you are going through a divorce, property division is an important part of the process. Hire a property division lawyer today to help you through this legal process. Contact us today for a consultation. We can help you ensure that the property is properly divided and that you receive what you are owed.
