Murrieta Property Division Lawyer
How Are Assets Divided in a Divorce? Talk to Our Attorneys!
In the absence of a prenuptial agreement, it is still possible to negotiate a favorable outcome in the property division phase of a divorce. If your division of marital assets and property is in dispute in California, and you fear losing ownership of holdings that are rightfully yours, you could benefit from the support and guidance of an experienced contested divorce attorney.
At the Law Offices of Michael D. Iverson, APC, Michael D. Iverson works hard to help you retain your financial investment in your marriage. He established the firm to serve the legal needs of people like you, at one of the most difficult times in your life. Due to our founding attorney’s commitment to excellent service, he has received the distinction of being named as one of the 2017 and 2018 10 Best Attorneys in Client Satisfaction by the American Institute of Family Law Attorneys.
You can trust our firm to fight for your best interests and provide you with personal service. Contact us online or call our Murrieta firm at (951) 418-2770 to set up an appointment where you can learn more about your options.
Protecting Your Share in Murrieta
"Equitable distribution" of money and property as it appears in a settlement agreement cannot be modified later. Therefore, as your lawyer, Mr. Iverson strives to get it right the first time.
He carefully researches the origin of every marital asset, including:
- Real estate, including primary, secondary, vacation, and retirement residences
- Motor vehicles, boats, and personal watercraft
- Checking and savings accounts
- Deferred and 401k retirement income
- Stocks, stock options, and bonds
- Any assets concealed offshore or set aside in someone else's name
- Inheritances
- Association memberships, family heirlooms, and collectibles
What is The Difference between Community Property and Non-Community Property?
In California, a big factor in determining who will receive what in a divorce is whether the asset in question is considered community property or non-community property.
- Community property: This includes everything that was acquired during the marriage, including all earnings and debts, unless the debt was accrued by an item considered the separate property of the spouse and the creditor looked to that spouse specifically for payment.
- Non-community property: This is also known as separate property and typically includes anything given or awarded specifically to a spouse. It also includes anything that was bought with the separate funds of a spouse.
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Less then a month after my consultation it was done. Everyone is awesome and very helpful on any questions I had.
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"I am so grateful to him and his supporting staff."Allison
What Factors May Affect Property Division in California?
While California law requires an equal division of community property, there are several factors that may influence how assets and debts are divided:
- Prenuptial or Postnuptial Agreements: These agreements can specify how property should be divided in the event of a divorce.
- Length of the Marriage: Longer marriages often involve more complex property division, especially if significant assets were acquired.
- Financial Misconduct: If one spouse has wasted or misused marital assets, the court may award a greater share to the other spouse.
- Custody Arrangements: In cases involving minor children, the custodial parent may be awarded the family home to provide stability for the children. Learn more about child custody arrangements.
A Murrieta property division attorney will evaluate these factors and advocate for a division that reflects your unique circumstances.
How Property Division Works in California?
When dividing property in a divorce, California courts follow these steps:
1. Identify Property
The first step in property division is to identify all assets and debts. This includes real estate, vehicles, bank accounts, retirement accounts, investments, business interests, personal property, and any other assets of value. Both spouses are required to disclose all assets and liabilities, whether they are community or separate property. As your Murrieta property division lawyer, Mr. Iverson can help you ensure that your spouse provides a full and accurate disclosure.
2. Characterize Property
After identifying the property, it must be categorized as community or separate property. This process can become complicated, especially in cases where assets have been commingled or where separate property has increased in value due to community efforts. For example, if one spouse owned a business before the marriage but both spouses contributed to its growth, the business may have both community and separate property components. We can help trace the origins of assets to determine their proper characterization.
3. Value Property
The next step is to assign a monetary value to all assets and debts. This often requires professional appraisals for items such as real estate, businesses, or valuable personal property. Retirement accounts and investment portfolios must also be valued, taking into account potential tax consequences. Ensuring that property is accurately valued is essential to achieving a fair division.
4. Divide Property
Once the property has been identified, characterized, and valued, it is divided between the spouses. California law generally requires an equal division of community property unless the spouses agree otherwise. In cases involving complex assets, such as businesses or retirement accounts, achieving an equal division may require creative solutions, such as offsetting one asset with another or agreeing to a buyout.
What are Common Issues in a Property Division Case in Murrieta?
Property division often involves disputes and challenges, especially in high-asset or emotionally charged cases. Some of the most common issues include:
- Hidden Assets: In some cases, a spouse may attempt to hide or undervalue assets to avoid sharing them during the divorce. A Murrieta property division lawyer can work with forensic accountants and other professionals to uncover hidden assets and ensure a fair division.
- Business Valuation: For spouses who own a business, determining its value and how it should be divided can be particularly complex. Factors such as goodwill, revenue, and future earning potential must be considered. Mr. Iverson can help protect your interest in a business by negotiating a fair resolution or ensuring an accurate valuation.
- Retirement Accounts and Pensions: Retirement accounts and pensions are often among the most valuable assets in a divorce. Dividing these assets typically requires a Qualified Domestic Relations Order (QDRO), which ensures that the division complies with federal laws.
- Real Estate: Real estate is often a significant point of contention in property division cases. Whether it’s the family home or investment properties, decisions must be made about whether to sell the property and split the proceeds or award it to one spouse with an offset for other assets.
- Debts: Community debts, such as credit card balances, mortgages, and loans, must also be divided during a divorce.
Trust the Law Offices of Michael D. Iverson with Your Case
Backed by more than 10 years of experience, Michael D. Iverson is the skillful, knowledgeable legal professional you can trust with your finances and future when a contested divorce becomes contentious and the threat of litigation looms. Stand up for your right to end your marriage with the dignity it deserves.
```At the Law Offices of Michael D. Iverson, the founder of our respected law firm brings many years of successful service, legal knowledge, and client focus to a shared belief in your goals.
Contact Us
Facing a legal family matters or divorce is stressful, but you do not have to go through this on your own. Take the first step and contact the Law Offices of Michael D. Iverson, APC today to learn more.