Property Division

Orange County Property Division Attorney

The issue of property division can be one of the most contentious areas of an Orange County divorce, and you deserve the fierce advocacy of an Orange County property division lawyer who can help ensure your hard-earned assets remain as intact as possible. At Minyard Morris (formed over 48 years ago), we understand just how uncertain and anxiety-inducing the process of property division can be and hope to offer our aggressive legal representation to ensure you do not walk away empty-handed.

California is a community property state. This means that each spouse owns 50 percent of all assets acquired during the marriage. It also means that if the parties incurred debts, each spouse owes 50 percent of those, also. Although this concept sounds simple, it can be quite complex. Certain assets, like an inheritance or an asset owned before the marriage, will likely be considered separate property and excluded from the community property division.

At Minyard Morris, our 20 Orange County divorce attorneys collaborate relative to complex issues to ensure that community property is divided in accordance with the law. Our team has over 350 years of collective family law experience, including thousands of property division cases. We can assist you with the most complicated high net worth divorces or the more traditional divorces.

The Common Types of Property Ownership in Orange County

To enter into negotiations regarding the division of marital property in a divorce case, it is essential that you have a clear understanding of the various forms of property, as there are several definitions that may pertain to the assets you own. The four most common forms of property in Orange County include:

• Community property. This form of property is defined in California as any and all property that was earned during the course of the marriage. Common examples can include the marital home, cars, jewelry, certain bank accounts, and home furnishings.
• Separate property. This type of property encompasses all assets which were gained before the marriage took place. Examples of this might include vehicles purchased before the couple was married or the debt of student loans.
• Quasi-property. The spouses obtained this property while they were not living in a state governed under community property laws. For example, if the divorcing couple purchased property while living in a non-community property state such as North Dakota but have since moved to California, some of the property may be defined as quasi-property.
• Commingled property. The assets included in this form of property are those that started as separate property assets but were turned into shared or marital property. This can include any inherited assets that were deposited into a marital bank account or property that was purchased using marital money.

It is vital to understand the differences in these types of property ownership heading into any divorce case so that you can recognize what you are entitled to in a division of property. At Minyard Morris, we are committed to fighting for you and can look for ways to protect the things you have worked so hard to obtain in your life.

Minyard Morris: Protecting Your Interests in an Orange County Divorce

While hiring an attorney to represent your interest in a contested divorce, such as those with issues concerning the division of property, is not legally required, it can be extremely beneficial while seeking a favorable case outcome. At Minyard Morris, we pride ourselves on fighting for the desires of our clients and advocating for their interests with ferocity and excellence.

When you choose to work with our team, you are obtaining a firm that places your interests and goals at the forefront of the case and can strategically plan ways to protect you and advocate for your desired outcome. Our team of family law and divorce attorneys have a vast understanding of California property division law and can provide the necessary guidance throughout your case.

We can work to litigate on your behalf to ensure your rights are protected and you have the peace of mind that comes with knowing your interests are being aggressively advocated for. When you work with the attorneys at Minyard Morris, you can rest assured we will do everything in our power to achieve for you the property division outcome you hope for.

How the Orange County Courts Divide and Award Assets

Courts have wide discretion in both high-asset divorces and more traditional divorces to award assets to each party as they deem appropriate, so long as the awards are equal in value. This does not mean that every asset is equally divided. It means that total assets awarded to each spouse must be equal in value. Courts may award a specific asset to one party based on personal and emotional attachment to the asset, with offsetting assets being awarded to the other party.

The equal division rule has one important exception. Divorce courts have the authority to divide the community property unequally if the estate has a negative net value.

Many types of assets raise complicated problems pertaining to valuation and an equal division, including:

• Separate and comingled assets
• Deferred compensation plans
• Stock options and RSUs
• Business interests
• Real estate
• Individual and business tax issues
• Retirement plans

Protecting Separate Property

In California, separate property includes inheritances, gifts and assets acquired before the date of marriage or after the date of separation. There are many complicated issues related to separate property. For example, when the separate property of one spouse is used for the renovation of a community property home during the marriage or when community property is used to improve or enhance the separate property of one spouse.

The Stages of California Property Division

It is important to have an understanding of the legal process that lies ahead of you regarding the division of property in an Orange County divorce. There are four main steps involved in these situations, including:

• Property identification. First, all property owned by you and your soon-to-be ex-spouse, including that considered marital or separate, will need to be identified. It is essential that no assets are hidden during this process, as this will only hurt the future of your property division case. Your attorney can assist you in this process to ensure all assets and debts are identified and can help you uncover if your spouse is hiding any of these assets.
• Property classification. Then, you and your attorney can begin to classify all debts or assets. In this process, assets and debts will be classified as either marital or separate property, or in some cases, commingled and quasi-property as well.
• Property valuation. Third, your attorney will begin to assign values to the property. To each item of property, your attorney will assign a fair market value, which will be used to determine exactly how this item of property will be divided. At Minyard Morris, we can utilize our extensive resources to seek valuation input from appraisers to ensure that the assigned value is fair and accurate.
• Property distribution. Finally, once the property has all received an assigned value, the property subject to a division will be split between the divorcing couple. While an exact 50/50 split is rarely achieved, the goal of California law is to achieve as equal a split as it pertains to the value of the property as possible.

FAQs

Q: What Are Some Signs My Spouse Is Hiding Assets?

A: Hiding assets in a California divorce is not only unethical, it is taken seriously by the courts and can come with extreme penalties. If you believe your spouse is hiding assets, it is essential that you speak to an attorney. Common signs an individual might be hiding assets in a divorce can include sudden changes in their financial behavior, such as withdrawing large amounts from shared accounts and transferring certain assets to their family members or friends without reason.

Q: Reasons to Hire a Property Division Lawyer in a California Divorce?

A: While hiring an attorney is not required in a California divorce, they can prove vital to the outcome of your case. It is important to retain the services of an attorney for many reasons, including if you and your spouse share a large amount of debt or are even facing bankruptcy, you disagree about what to do with a home or business owned in the marriage, or if you or your spouse own a pension plan.

Q: What Is Excluded From Community Property in California?

A: There are several pieces of property that may be excluded from the community property rules of California. These can include any gifts or inheritances received by one spouse before or during the marriage or any forms of property or debt that were acquired by a single spouse before the marriage was legalized. This can include anything from vehicles to jewelry to collectible items.

Q: What Will a Divorce Lawyer Charge in California?

A: It can be challenging to calculate the exact amount a divorce lawyer might charge to represent your case in the state of California. This is due to the fact that there are several factors involved in these proceedings that can influence the final costs of hiring an attorney. These factors can include the overall complexity and duration of your divorce case and the experience of your attorney.

Strategic Property Division Representation

At Minyard Morris , we work with clients to protect their assets. Our 20 Orange County divorce lawyers handle cases from the more traditional divorce to the complex, high net worth divorce. Call 949-724-1111 or connect with us through email.