Property Division Attorney in Los Angeles and Orange County
Equitable Solutions, Defining Divides – Your Property Division Attorney Crafting Fair Resolutions for Your Assets.
Property Division Attorney Serving Los Angeles & Orange County
A necessary part of your divorce proceedings will be the division of community assets and liabilities such the marital home, businesses created during marriage, joint accounts, other properties, furniture and other liabilities incurred during the marriage. Although in most cases all marital assets and liabilities are divided equally between the parties, this is not necessarily always the result. If either party has contributed separate property funds to the purchase or improvement of marital property, they may be entitled to recover their separate property contribution in addition to their 50/50 marital interest. This typically arises where either party has made a down payment towards a community property home from separate property with the expectation of reimbursement.
Obtaining proper legal representation ensures a fair outcome for you by reviewing every aspect of your financial position both before and at the end of marriage. We know how to present any special circumstances that may reflect in your favor before the courts.
At Walker Law Corporation, we have been helping clients receive favorable settlements and/or court ordered divisions of property through a detailed analysis of their community and separate property rights. If you have high value assets at stake you need our experience to assist you obtain a favorable and just result. Give us a call for a free consultation on your property and business valuation questions and put our experience to work for you.
Our Approach to Property Division
Walker Law Corporation approaches property division with a meticulous and client-focused strategy. Our seasoned attorneys understand that each case is unique, and we tailor our approach to meet the individual needs and priorities of our clients. We prioritize open communication, ensuring our clients are well-informed and empowered to make sound decisions about their assets. With a commitment to fairness and efficiency, our property division attorneys work diligently to achieve equitable resolutions while minimizing stress for our clients.
Property Division Overview
The divorce proceedings in either the Los Angeles County Superior Court or Orange County Superior Court will first include a determination of what assets or liabilities are owned by either of the parties at the time of filing for divorce. Once all assets and liabilities are determined the Court will split the property based upon the community ownership percentage if community property or award outright if separate property.
Other Property Division Options
If a specific item of property such as the family home cannot be split in kind the court may allow one of the parties to take sole ownership and to pay the other spouse their community interest based upon the market value. If neither party wishes to keep the family house the Court may order the family home sold and the net proceeds after sale divided in some equitable manner among the parties based upon their community interest.
These determinations may require further examination if one party owned the home prior to marriage or paid the mortgage on the home during marriage with community income. In either of these cases the Los Angeles County Superior Court or Orange County Superior Court would consider both the separate and community interests in the family home including any appreciation in value. All Property divisions in either Los Angeles County Superior Court or Orange County Superior Court will be based upon the characterization of the property as community property or separate property.
Community & Separate Property
Community property is all property acquired during marriage with community property funds. Community property will be divided by either the Los Angeles County Superior Court or Orange County Superior Court on an equitable basis which most likely will be fifty percent (50/50). Separate property is all property owned prior to marriage or received by a spouse as a gift which is designated specifically as a gift to that party alone. Typically, separate property includes gifts or inheritances from family members. The complexity of the property division process is dependent upon the number of assets and the ability to accurately determination their fair market value.
Business Valuations
Business valuations present unique challenges to determine their fair market value. If both spouse worked at the same business and that is their only source of income this may also affect the determination of spousal support because of the reduction in business income which may be caused by the loss of the spousal employee.
If the parties will be selling the business and neither party will be continuing to work for the business after the sale the determination of fair market value will be determined by the market price for which it is sold. If on the other hand one of the spouses will continue to work at the business after the divorce the determination of the amount required to buy out the other spouse can be complicated and subject to varying estimates. Business valuations of this type will require a detailed look at the financial structure of the business.
These business valuations will typically include a determination of the value of fixed assets, accounts receivable, accounts payable, goodwill, the type of business, the economic outlook, earning capacity, etc… Unless a settlement is reached the parties will likely need to hire an accountant, an expert at business valuations. The Los Angeles County Superior Court or the Orange County Superior Court will base their determination on the testimony of the experts.
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Free 15-Minute Telephone Consultation
Embark on the path to a fair property division resolution with confidence – schedule your complimentary 15-minute phone consultation today and let our experienced attorneys guide you through the complexities of your case.
Two Convenient Locations
Newport Beach Law Office
Newport Beach, CA 92660
Long Beach Law Office
Long Beach, CA 90802