Hanford Property Division Lawyer

When a couple agrees to pursue a legal separation or a dissolution of their marriage in California, they will need to come to an agreement regarding the official division of their marital property. This can be a difficult and highly-contested issue that has the potential to create high levels of hostility between the couple, especially in cases where the assets and property in the marriage are of high value. To better face this challenge, a Hanford property division lawyer can help.

At Chase Family Law, our family law attorney has over 30 years of experience handling thousands of cases just like yours. He knows how to approach the topic of property division with a level head and the legal knowledge necessary to ensure the process moves as smoothly and quickly as possible while also taking into account your individual desires and the outcome for which you are most hoping. Chase Family Law is here to assist you in all matters related to divorce.

How Property Division Works in California

In the state of California, all divorces and legal separations must adhere to community property laws when dividing debts and assets from a marriage. This means that anything that was purchased with marital funds or anything that was obtained during the marriage is subject to division.

On the other side, there may be certain holdings that are considered separate property, which will not be subject to division. These items can include anything that was owned by either of the spouses prior to the marriage or any properties or assets gained as a gift or inheritance by one of the spouses during the marriage.

Certain forms of property that may be involved in a community property division can include the following:

• The family home
• Other property holdings or real estate, such as a vacation home
• Vehicles
• Furniture
• Bank accounts and cash
• Pension plans
• 401(k) plans
• Security deposits on any apartment rentals
• Business valuations
• Jewelry
• Pets
• Stocks, bonds, and other investments

Property division can also include items of debt or “negative” property, such as:

• Personal loans
• Mortgages
• Equity loans
• Credit card balances

In California, the courts will work to ensure that all martial property is divided fairly and in an equitable manner. However, this does not necessarily mean that it will be divided completely evenly. There are several steps that will need to be taken in the property division process.

First, you and your attorney will need to identify all assets and debts that are subject to property division laws. This can include all real property, financial accounts, debts, personal property, and retirement accounts. It is vital that the values of all these assets and debts are accurately assessed to ensure all property division is equitable.

In order for the property division to be as fair as possible, it must all first be assigned a monetary value. This process can be complicated, especially if certain types of property are involved, such as real estate, retirement accounts, and any businesses owned by one or both spouses. In certain cases, it might become necessary to bring in professionals to determine the value of specific assets.

In most situations, a divorcing or separating couple can negotiate a property division arrangement outside of a court. This is typically the quickest and most cost-effective way to go; however, not all couples can agree, and the matter may need to be processed by an official court to be resolved. At Chase Family Law, our attorney can help you with negotiations and litigation.

Once all community property assets have been identified, assigned value, and divided, the final step in the process is to execute all the required documentation for a legal transfer of ownership. This might include updating titles, changing account ownership, and transferring certain deeds. Chase Family Law can guide you through all of these steps and ensure all legalities are met.

Factors Considered in a Division of Property

In a contested divorce, when the couple cannot reach an agreement on how property will be divided, they must look to the courts to make this determination for them. The courts will take into account various factors to determine how property will be divided and how the division will remain fair to both spouses. These factors can include, but are not limited to, the following:

• Debt and asset distribution. The courts will assess the nature and value of all items subject to property division, such as vehicles, real estate, bank accounts, etc.

• Individual contributions. The courts will also consider the contributions of each spouse to the acquisition, preservation, or appreciation of all marital property holdings. These contributions can be financial, such as the income they earned or any investments made, or non-financial, like one spouse supporting the other’s career or staying home to keep the house and family.

• Length of marriage. The duration of the marriage can also play into how property will be divided. In shorter-term marriages, the courts may lean toward a more equal division. In cases of longer marriages, the courts may wish to do a more thorough analysis of the contributions of each spouse to the marriage and their unique needs.

• Child support and custody. If there are minor children involved in the divorce or separation, the courts will most likely take into account the custody agreements and any child support obligations when deciding on how certain properties will be divided. The custodial parent, or parent with primary custody, may be given a larger part of the assets to support the needs of the child.

• Alimony. The courts will also consider any spousal support orders to determine how property will be divided.

Chase Family Law Can Help With Your Divorce or Legal Separation

If you are experiencing a divorce or legal separation in Hanford, California, Chase Family Law is here to help. Property division can be one of the most contested issues in a divorce or separation, and our family law attorney can assist you with every aspect of your property division case. Contact our office today to schedule your initial consultation.