Lake Forest Property Division Lawyer

Lake Forest Property Division Attorney

Getting a divorce is always stressful, but if you and your spouse purchased assets or took on debts during the marriage, things can get even messier. You’ll need to go through a process called property division to ensure the fair and equitable division of all shared assets and debts. A Lake Forest property division lawyer can help.

How We Can Help

The team at Cianci Law, PC, has handled many property division cases. We have experience in identifying and valuing assets, negotiating the fair division of debts, and representing our clients’ interests throughout the complicated process. Find out how we can help you during this difficult time.

Why You Should Hire a Property Division Lawyer in Lake Forest

In 2024, 219,617 couples got married. In 2023, around 7.45% of Californian couples got divorced. That same year, the marriage-divorce ratio across the United States rose to 2.38 from 2.34 in 2022. When taken together, these numbers mean that thousands of people across the Golden State dissolve their marriages each year. Nearly all of those couples must go through some form of property division.

The easiest way to deal with property division during a divorce is to hire a property division lawyer. Even if you and your spouse are in general agreement about how to divide the assets fairly and equitably, it’s still a good idea to have a lawyer on your side. Our team can both ensure that your interests are protected and help you deal with practical matters like identifying and valuing assets and filing paperwork.

Understanding the Property Division Process in California

California is a community property state, meaning that all assets and debts accrued during a marriage are considered the shared property of both spouses and must be divided evenly upon divorce. Here’s what the process looks like:

• Identifying community vs. separate assets. The first step is to identify community property. This process is not always as straightforward as it sounds. In a contested divorce, spouses often take steps like tracing the funds used to purchase real property back to pre-marital days to show that specific assets should be considered separate. It’s good to have a lawyer on your side during this part of the process.
• Identifying shared debts and income. It’s not just assets that are divided during a divorce, but also debts and some forms of income, such as unvested stock paid as part of a compensation plan. Property can also include contractual rights, such as life insurance contracts, and employment-related assets.
• Valuing the property. Once every piece of community property has been identified and any separate property has been removed from the pool of what is to be divided, it’s time to value the property. California courts do this by ascertaining the fair market value of each item. This often requires getting professional valuations for real estate, businesses, and liquid assets like antiquities or art.
• Negotiating the division of property. Because it’s not possible to split some types of property 50/50, some negotiation is often involved in the process of property division. If you want to keep the house and give your spouse the retirement fund, for example, you may need to make an equalization payment if the real estate is worth more than the account.
• Finalizing the division of assets. The Superior Court of Orange County may have very little leeway when it comes to determining the division of property in Lake Forest. While couples can decide that they want to divide property a certain way, the only thing the courts can compel is a separation of separate property and a 50/50 split of community property. That said, it’s always recommended to have a property division lawyer on your side.

FAQs

What Are the Five Steps of Property Division?

The five steps of property division are to first identify and classify communal and separate property and value them, then to consider if it would be equitable to adjust property interests. Next, each party’s financial and non-financial contributions to the marriage are assessed, along with the future needs of each spouse. Finally, an equitable and just outcome is determined for the division of the property.

What Is the Difference Between Property Division and Estate Distribution in California?

In California, property division typically refers to dividing property during divorce, while estate distribution refers to dividing an estate between heirs when someone passes away. If the deceased person had a last will and testament in place, the estate is divided according to the plan laid out in the document. If there is any doubt about how the estate should be divided, a family law firm can help.

When Is Property Division Used?

Property division is used when a married couple gets divorced and they have shared assets and/or debts. In Lake Forest, California, all property accrued during the course of a marriage is considered communal property, so property division is almost always an integral part of the divorce. If you’re getting divorced, a Lake Forest property division attorney can help with the process.

Who Pays for the Real Estate Lawyer During Property Division?

Who pays the real estate lawyer during property division depends on which spouse is receiving the real property during the divorce. In the United States, the default is that each person pays their own legal fees unless there is an explicit agreement stating otherwise or a court order in place to force one party to pay some or all of the other’s fees.

Find a Lake Forest Property Division Lawyer: Contact Cianci Law, PC, Creative Family Solutions

A Lake Forest property division lawyer can help to ensure the fair and equitable division of all assets and debts accrued over the course of a marriage. Melissa Cianci, the lead attorney at Cianci Law, PC, specializes in family law and knows the ins and outs of property division laws. Our firm has handled countless property division cases. We can help you, too. Contact us to schedule an initial consultation.

Lake Forest Property Division Lawyer Reviews

Lake Forest Property Division Resources:

• Four Warning Signs That Your Spouse May Be Hiding Assets During Divorce
• Dealing with the Consequences of Divorce Under the New Laws