Property Division Attorneys in Folsom
What is Considered Community & Marital Property in California?
California is unique in the fact that it is one of nine community property states in the country. "Community property" refers to any assets or debts that a married couple acquires during their union. Since it was acquired while the spouses were together, it is equally their property. Anything from wages earned to real property (family home or family vacation home) is community property if it has been acquired during marriage. The same rules apply to debt. Typically, this property receives equal distribution to each partner. However, not every couple can reach a decision on their own.
Sometimes, property and debt division can be simple; most of the time, however, it is a complicated process that requires the help of an experienced attorney. Our property division lawyers in Folsom can represent you through the process, fighting to protect your rights and interests. We can ensure that negotiations are fair and that the final resolution is favorable.
Discuss your property division case with us during a consultation. Call (916) 794-4576 to schedule yours.
How is Property Divided During a Divorce?
Determine if the Property is Community or Separate
Community property refers to the shared assets between spouses. However, if there are assets from outside of the marriage, it is known as separate property. Separate property typically is not included in the division of property during divorce, since it is solely owned by one spouse. It is usually acquired by way of gifts, inheritances and/or property acquired before the marriage and/or after the date of separation. While this may seem like a simple process, deciding if the property is community or separate can be long and difficult.
A Third Category: Mixed Property or Commingled Assets
There is also a third category known as mixed property, which is property that has both components of separate and community property. This may be a car that one spouse bought prior to marriage but then made car payments on with earnings during the marriage. Another example is if one spouse received an inheritance – which is presumptively separate property – but subsequently put their inheritance monies into a joint checking account during the marriage. If this occurs, then it becomes commingled. Sometimes, unwinding mixed property is easy, but it can also be complex and require tracing. Tracing usually occurs when assets have comingled.
Calculate the Value of the Property
After deciding if the property is community or separate, you have to assign a monetary value to each asset. Often it is difficult for the spouses to agree on the value of each item. In this case, financial professionals and advisors are great assistance in the determination process. If you and your spouse can easily communicate, you can split the money yourselves. However, the courts can also step in.
Division of Property
When dividing physical items and assets, certain items are typically delegated to each spouse. If one person wishes to buy out another person’s portion of an asset, they can also choose to do so. Technically, property division does not have to necessarily occur during separation. A couple can also choose to keep the property under both names after the divorce. Debts usually end up with one spouse or the other; however, they can also receive similar division amongst the couple.
Characterization of Property
Property characterization is important in California since it is a community property state wherein all assets and debts are equally split unless otherwise agreed.
Consult with an experienced family lawyer to:
- Ensure your separate property is not wrongly characterized and subject to equal division
- Ensure you receive your one-half community equity in any community asset
- Ensure you are not failing to apportion and/or trace property
Contention in Property Division
Most often, parties disagree on how particular property should be characterized, vaulted, dispose, or divided. Both spouses must cooperate to work out property and debt division – it is faster, wiser, and cheaper.
All property should be divided equally so that each spouse receives roughly the same value of the property. Spouses are not required to sell everything and divide the funds – though if parties cannot reach a decision, the Court may order it to be done. Making compromises is critical. If one spouse wishes to keep more liquid funds (checking accounts, stock accounts, etc.) that can be balanced by assigning community debt to that spouse as well. Remember, both spouses must be looking to come up with equal “net” share, or the value of the assigned property after subtracting out the assigned.
Another important factor to keep in mind is that once the property is divided and the debt is assigned to one spouse or the other, you must make the marital settlement agreement a part of the Court’s judgment. That way, it can be enforced just like any other money judgment.
Get started on your case by calling (916) 794-4576. We serve Folsom, Northern California, and the surrounding counties.
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“Professional and Highly Commendable Family Lawyer!”
Ms. Andrews is a highly trained, professional, experienced, ethical, and commendable attorney. She has gone above and beyond in her education and specific focus of family law and it is clear in our interactions that she follows her business motto of "If you care, we care!" Ms. Andrews' staff are courteous and helpful as well. My case is complicated with child custody, small business ownership, and other factors. Ms. Andrews' has been communicative, clear, and concise in my options and implications of my choices. She gives me sound, logical legal advice that is the best for my situation. She truly has her clients' best interests in mind and she is confident in court as well as in negotiation with the opposing counsel. Ms. Andrews' follows through with what she says she will do and also will make sure future plans and what needs to be done are clearly laid out to the opposing counsel. I could not be more pleased with my attorney and highly recommend her without hesitation.- Tracy -
“Great Job!”
Tiffany did a wonderful job of representing me during my divorce proceedings. She truly understood my circumstances and was highly encouraging.- Previous Client -
“Excellent Process and Assistance”
I'd like to thank Tiffany for her advice. I've been divorced for over a year and am still trying to collect on the settlement agreement. I had a question about the legal interest and if it's collectible and she said definitely! as long as the judgment doesn't preclude it. She was extremely helpful - also offering other remedies to assist in the collection of the funds. I would definitely call her again if I need more help.- Previous Client -
“Protected My Interests”
Tiffany has been dealing with my divorce for going on 3 years. Just wrapped up last week. Unfortunately, that's how long my divorce took. But she stuck by and fought for me even though the divorce laws are skewed to basically screw me. In the end, we were able to get a final judgment that I was comfortable with. She was always reachable and responded timely. All in all, she is a great lawyer who will do what's in your best interest.- Rob -
“Professionalism and Expertise”
Mende Romaniak has again shown both professionalism and expertise as she helped navigate me through gaining custody of my daughter. Through her hard work and concise detailing of my case not only was she able to secure sole physical custody but also sole legal custody as well. I was told more than once that gaining custody as a father is a tall order but Mende and the Law office of Tiffany Andrews came through with flying colors. I highly recommend.- Mike -
“Thank you beyond measure to Tiffany Andrews!”
Tiffany Andrews has been a huge help to me in my custody/parentage case. Not only has she eased my mind in this whole process, but has educated and guided me on/through this every step of the way! Extremely knowledgable, professional and timely with responses to my every question. Thank you beyond measure to Tiffany Andrews!- Sarah -
“Very Attentive Attorney”
Once Tiffany took on my case, she was on top of every detail. She was always responsive to my questions and got back to me in a timely manner. She was well informed about opposing counsel and helped lead me in very strategic conversations to resolve the matter quickly and to my advantage.- Mary -
“Child & family advocate”
Tiffany is an amazing lawyer. She shines in the courtroom. I recommend hiring her for child & family law and cps dependency court cases. She is well respected in her profession and has solid knowledge of the law.- Ann