Costa Mesa Property Division Lawyer

Costa Mesa Property Division Attorney

It can be overwhelming to think about losing property you have worked hard to attain due to a divorce. Property division laws in California can be difficult to understand, and dividing assets and debts can be one of the most challenging parts of a divorce. A skilled Costa Mesa property division lawyer can help you navigate the complex legal landscape while advocating for your rights.

Hire a Property Division Lawyer

Our property division lawyers have decades of combined experience providing legal services in the Costa Mesa community. Property division decisions made during a divorce can significantly impact your financial health. At Cianci Law, PC, we want to make sure your financial interests are protected.

Property Division Laws in California

Last year in California, there were over 90,000 divorces. Part of divorce is determining how the couple’s assets and debts will be handled. If a couple cannot reach an agreement on how to divide their assets and debts, the court will make those decisions under state law.

In California, divorces are heard in the family court. In Costa Mesa, Orange County, the family court is located at the Lamoreaux Justice Center, 341 The City Drive South, Orange, CA 92868-3205.

California is a community property state, meaning that all assets and debts acquired during the marriage are jointly owned by both spouses. In general, marital property is divided equally in a divorce. For purposes of division, property is classified as community property or separate property. In California, only community property must be divided equitably.

Community and Separate Property in California

Community property is anything you earned while married, anything you bought with money you earned while married, and debt you acquired while married. Typical examples of community property include:

• Real estate
• Retirement accounts
• Non-retirement account investments
• Income from employment
• Vehicles
• Household items
• Credit card debt
• loans

Separate property is what each partner owned or owed prior to the marriage or after the date of separation. It also refers to gifts or inheritance that were received at any point before, during, or after the date of separation.

Required Forms for Asset Division in California

Specific forms are required for asset division in California. The forms are necessary to document and assess the value of property during divorce proceedings. The following forms will need to be completed:

1. Preliminary Declaration of Disclosure (Form FL-140). This form provides a financial disclosure between the parties intended to make the process transparent. The disclosure includes information about income, debts, property, and money.
2. Income and Expense Declaration (Form FL-150). You must also include copies of your pay stubs from the two most recent months. The form requests information on employment, age, and education; tax information; an estimate of the other spouse’s income; investment income; income from self-employment after business expenses; additional income; changes in income; deductions; assets; household members; and average monthly expenses.
3. Schedule of Assets and Debts (Form FL-142). Form FL-142, Schedule of Assets and Debts, is an important document you will complete with your attorney. The form is a financial disclosure document required by law when divorce proceedings involve property division. It itemizes all shared and individually owned assets.

The form should include an exhaustive and comprehensive inventory of all assets and debts. In addition, each item listed must also include a physical description, the date the item was acquired, and the current fair market value or amount of outstanding debt. Each item should also be identified as community property or separate property.

Forms FL-140, FL-142, and FL-150 must be completed by the petitioner (the spouse filing for divorce), and within 60 days of filing for divorce, they must be served to the respondent (the other spouse). The respondent will then have 60 days to complete and submit their own forms.

Ensuring the fair division of property is one of the most crucial steps in a divorce. Therefore, it is important to avoid errors when completing the forms that may include:

• Skipping items
• Providing incomplete information
• Not updating items as changes occur

FAQs

What Is the Property Division Law in California?

Costa Mesa, California is a community property state, and only property that was acquired during the marriage (communal property) is subject to equitable distribution. Examples of community property can include the family home, vacation homes, joint bank accounts, jewelry, art, vehicles, retirement accounts, business interests, mortgages, loans, and credit card debt. This system presumes that property acquired during the marriage is equally owned by both spouses.

What Is the 5 Year Rule in California Divorce?

The 5-year rule is not a formal rule in California divorce. In California, a marriage lasting over 10 years is considered long-term, and one lasting 10 years or less is considered short-term. The length of the marriage is one factor considered in determining spousal support.

How Much Does a Property Division Lawyer Cost in California?

Property division lawyer costs can vary based on the unique elements of each case. A lawyer will typically charge a flat fee or an hourly rate. A flat fee may be charged if the transaction is straightforward and relatively simple. An hourly fee may be charged for more complex legal work, which may involve more complex transactions and negotiations.

What Is a Major Factor in the Division of Property?

A major factor in the division of property in California is determining what property is community property versus separate property. Under California Family Code Section 760, community property is subject to division while separate property is not.

Examples of community property include real estate, vehicles, and debt incurred together during the marriage. Separate property refers to property acquired before the marriage, and gifts and inheritances that were received during the marriage.

Contact a Costa Mesa Property Division Attorney – Creative Family Solutions

Cianci Law, PC, is committed to providing skilled legal guidance during life’s most difficult family law cases. Our legal team can help ensure equitable distribution of your assets during a divorce. Please contact our office to discuss your case and learn how we can help you.

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