Tustin Property Division AttorneyExperience You Can Trust
Tustin Property Division Lawyer
Representing Divorce Clients in Orange County, LA County, Pomona, Whittier, Long Beach, Riverside & San Bernardino
Dividing the marital “estate” is a fundamental issue in any divorce and can be quite complex. The outcome will affect each spouse so it is important to minimize any long-term issues as much as possible. In many cases, the division of marital property and debt can pose challenges that are intimidating and highly stressful, especially in lengthy marriages where many and varying assets have been acquired.
Because of this, it is essential that you have the representation of an attorney who is experienced in this issue to ensure that your rights and best interests are protected. At the Law Office of Tracey N. Lundquist, APC, you can rely on an award-winning family law attorney who has a strong trial practice with a solid track history of successfully-resolved cases.
Is your marital property division a contested issue in your divorce? Contact the Law Office of Tracey N. Lundquist, APC to book an attorney consultation online or at (714) 949-1711.
Community Property Division in California
California is a community property state that operates under the policy that all marital property is owned by both parties. Thus, it is divided on as even a basis as possible.
Dividing marital property and debt can involve:
- The marital home and all other real estate
- Banking accounts
- Vehicles and recreational vehicles
- Stock portfolios
- Art, jewelry, collectibles, antiques
- Businesses and professional practices
- Retirement accounts
- Other investments
Thus, you may be forced to deal with business and asset valuations, searching for hidden assets, dealing with pensions and retirement accounts, and selling your home and other real estate.
Three components must be addressed in dividing the marital estate: (1) characterization; (2) valuation; and (3) division.
In order to divide the assets, we must first characterize the property to determine whether it is a community property or separate property asset. As mentioned above, California is a community property state.
Separate property, however, includes all property owned before the marriage and all property acquired during the marriage that is:
- Acquired by gift or inheritance
- Produced by separate property; or
- Acquired after the date of separation.
We then focus on determining the fair market value of the asset so we may “assign” this amount to the awarded party’s side of the marital balance sheet. Evidence of valuation will generally be provided by the attorneys based upon expert witnesses, such as appraisers or actuaries. Alternatively, the family court may decide to appoint its own experts to guide the court and make appropriate recommendations based upon expert findings.
However, valuation is typically not required for community assets that will be sold, with the proceeds divided equally.
Dealing with the marital property division issue in a divorce can be a complicated and contentious issue. You may need the expert advice of outside third parties, such as forensic accountants, business valuators, appraisers, and more. You will also want to ensure that all assets are property identified, valued, and divided fairly. Attorney Tracey Lundquist brings experience and extensive knowledge to this matter and can guide you through the process in a cost-efficient manner to ensure your legal rights are protected in seeking a fair and equitable result.
At the Law Office of Tracey N. Lundquist, APC, we understand the difficult nature that comes along with your separation, divorce, or other family legal matters. We will listen to your needs, develop and communicate a personalized strategy in search of fair and just results, and remain alert to the related expenses of all legal proceedings.
“Always realistic and with caring, professional service. It is very evident from the first meeting that Tracey truly cares for her clients.”- April
“She seems to be highly experienced and she knows the law thoroughly! I would highly recommend Tracy to anyone in need of legal representation in their divorce case.”- Eva
“Tracey alleviated a lot of stress with her knowledgeable advice, I really can't thank her enough.”- Emily
“Tracey represented me for my child custody hearings and she was outstanding.”- Carissa
“We are beyond thrilled with the outcome of the hearing and now have additional time with our son that is firm and precise down to the day and hour leaving nothing open to misinterpretation.”- Former Client