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 commingled.
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 of 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, valued, disposed, 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 debt.
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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“Strongly Recommend! Goes above & beyond to help in the most difficult time!”
I was referred to Tiffany Andrews by another attorney who was dismissed from my case due to a conflict of interest, I was not confident in handling the case on my own. I contacted her office for advice on possibly representing myself. I first spoke to her staff, Sara & she already knew about my situation so she scheduled me with Andrews. I met with Andrews for a consultation and was 100% certain that I wanted her to represent me after our visit. I noticed that she was very knowledgeable and was already informed about my case from the previous attorney, So immediately I signed & started a retainer. She immediately got started, then she gave me our game plan & was very informative on anything that I had to do to make things run smoothly, I was very impressed with how fast her & her staff took action. She has brought up other suggestions that are in the best interest of my case. I feel that Tiffany Andrews & her staff (Sara) go above & beyond & are very compassionate about my case & the safety of my children. I 100% recommend Tiffany Andrews & her amazing team to anyone who is dealing with Custody or Restraining Order!- Previous Client -
“Kindness and Generosity”
I can not thank me Andrews and her team enough for the kindness and generosity they showed me throughout one of the most difficult things I’ve had to deal with in my life. My head was spinning after months of googling and weighing my options while searching for a lawyer to handle my case. I imagine like most in the working class you may be afraid that you will make the mistake and hire the wrong lawyer. Wasting all your funds and end up no better off than you were. This was not the case with Tiffany and her team. I made the stupid mistake of going to the first part of my divorce custody case of going at it alone my case was very clear and I trusted the justice system to do what was right. This was not the scenario I faced. The opposition lawyer was able to manipulate everything and knew loopholes that the average person wouldn’t even believe was something that could happen in a court room. I can not stress enough it does not matter what is right and what is wrong you need a lawyer to protect yourself. As far as I’m concerned Tiffany and her team are mericle workers. I went into this thinking “oh great I’m going to be manipulated out of more and more money and I’m going to end up where I started anyway” following Tiffany’s advice I ended up being able to protect myself. From the moment I retained ms Andrews she was there for me literally day and night. I had many questions and issues throughout my case and though I don’t suggest anyone bothering her after business hours there were a few times I felt I needed to contact her and received a response very shortly after. These responses were often reassuring that she had things under control. This is a huge factor for me. Also she was very knowledgeable and always represented herself and myself in good light. I did not want to be vicious and aggressive and she managed to be assertive without being over the top. She was very respectful and I never had the feeling hat things were over my head. She always took the time to explained things to me in a way that I could understand and make well informed decisions. I would and will recommend me Andrews and her team to anyone looking for the best.- Brian -
“Would Recommend to Anyone”
I cannot say enough good things about Tiffany Andrews. I had a previous attorney who completely messed up my case and the work Tiffany was able to do was amazing. She is efficient, honest, understanding, and incredibly intelligent. I would recommend her to anyone who wants a smart, educated, kind attorney who genuinely cares and can get results that you want. Truly impressed and grateful I found her!- Nicole -
“This Office is Great!”
I met with Brenda and Karen and both were very professional and gave excellent customer service. They were clear, concise and answered all of my questions. I came out of that office feeling like I was on the right footing and knew I had a powerful group behind me if I need it. I would recommend everybody!- James -
“Tiffany cares about her clients and fights for their rights.”
Tiffany worked on my foster/adoption case - that was long, difficult, and drawn out. She researches every angle, is intuitive, intelligent and fights for her clients' to get the best possible outcome. Also, she genuinely cares about her clients best interests and provides guidance and counsel throughout the process.- Lora -
“Amazing Family Law Attorney!!”
Tiffany did an amazing job handling my case, most of which she did long distance as I relocated to another state across the country soon after she was hired. I just couldn't have gotten through that time in my life without her. She's extremely knowledgeable and relatable. She's truly gifted at what she does and I'd recommend her to anyone with Family Law issues.- Sandrell -
“I'm willing to recommend her to all my friends and families!”
She always reminds me ahead of time if she needed something from her client. Always keeping in touch on phone, sent messages on my email but most parts she listens and kind-hearted person.- Dorcas -
“The Best Lawyer”
- William
Tiffany L Andrews has to be one of the best lawyers you can find. Tiffany is the most caring person that I have met in a while she is always looking after your best interest. Tiffany always keeps you informed either by phone or Email. I have had questions on my case Saturday and got answers by Saturday night. I have learned if you trust in Tiffany your case will be done excellently.
