Del Mar Property Division Lawyer

Del Mar Property Division Attorney

Property division and debt allocation are often the most complex issues in divorce and property division cases. An experienced Del Mar property division lawyer can ensure you are aware of the state’s rules and protect your rights. California is a community property state. This means that all marital property, which is property and debts obtained during the marriage, belongs to each spouse equally.

Andy Cook Law focuses on family law in San Diego County, Del Mar, and throughout the North County. We have over 30 years of experience with property division, spousal support, child custody, and other family law matters. We are familiar with the local family law and the courts, including the North County Regional Center in Vista.

We can work with you to protect your financial future with personalized solutions. You will find honesty, experience, and commitment with Andy Cook, a Certified Family Law Specialist, and our staff. We work diligently for the most beneficial outcome.

Community Property vs. Separate Property

Out of the 45 states included in the CDC report for the nation, the divorce rate averaged 6.1 per 1,000 population in recent years. This equaled a total of 672,502 divorces.

Before dividing property, it is necessary to identify what is community property and what is separate property. Community property consists of most of the property acquired during the marriage, no matter in whose name it is titled or where it is located. This includes:

• Homes
• Retirement plans
• Vacation homes
• Vehicles
• Family businesses
• Bank accounts

Separate property consists of the property owned before marriage, inheritances, and gifts of a third party to one spouse, and the income of the property or any increase in the property value, to the extent it can be traced. Separate property is protected by law from division during a divorce, but separate property and community property can be commingled.

Dividing Property and Debts

Once the property is classified, it must be valued. Assets of low complexity, such as homes, can be valued by appraisal or by comparable sales. Assets of high complexity, such as a business or pension, may require a financial professional to value. Property is valued as of a date as near the trial date as possible, unless there is a good reason to use another date.

California property division laws require that the community property and debts be split equally in the absence of an agreement in writing between the spouses for a different division. It is not necessary to divide every asset in half. Spouses divide the net value of the community. For example, the family home can be awarded to one spouse, and other assets, such as retirement accounts or investments, can be awarded to the other spouse of equal value.

Debts accumulated during marriage are also community property and are divided between the spouses. When debts exceed assets, the court may assign responsibility for the debt to one or both of the parties in a way that is fair to both parties and according to the ability of the parties to pay the debts. A creditor can still hold both spouses liable for the debt, even if one of them is ordered to be responsible for the debt in the divorce.

Additional Considerations

Costs of a degree or license received during marriage, such as tuition, fees, and books, may be reimbursed under California law. Enhanced earning capacity of a spouse due to a degree or license is considered for spousal support only, not community property division. Loans for a degree or license are generally awarded to the spouse who incurred the loan.

Family pets are treated as personal property under California law. The courts may award possession of the pet to one spouse or grant joint custody. Factors considered include care of the pet’s needs for safety, food, water, veterinary, and other special needs.

Hire a Property Division Lawyer

If you are going through a divorce, it is important to hire a property division lawyer to ensure that your rights are protected and that your property is divided fairly. A knowledgeable Del Mar property division attorney assists with asset classification, separate property tracking, complex holding valuation, and California law compliance.

FAQs

How Is Property Divided in California?

California is a community property state when determining how property is divided. This means that, generally, property and debts acquired during marriage are considered to belong equally to both spouses. Separate property, such as property owned before marriage, inheritances, or gifts, generally remains with the spouse who originally owned it. Judges try to split community property into equal halves by evaluating each spouse’s investment in the property along with any asset commingling and existing agreements between spouses.

How Do I Divide Assets in a Divorce?

Asset division in a divorce needs to be well-organized, have full financial disclosure, and have a complete understanding of California community and separate property laws. Parties can negotiate a division and detail it in writing. Professional valuation may still be necessary for businesses, pensions, and other retirement accounts. Agreements can be filed with the court and are then enforceable.

What Assets Are Untouchable in Divorce?

Untouchable assets in a divorce typically include separate property owned prior to marriage, or that is inherited or given as a gift. Separate personal injury settlements and/or earnings made after the date of separation are also sometimes untouchable. The ability to produce supporting documentation and tracing for this separate property is very important because, if separate property has been commingled with community assets, there may not be untouchable assets in a divorce.

Who Loses the Most in a Divorce in California?

There is no single answer to who loses the most in a divorce in California, as it depends on several factors, including the income and assets of each spouse, the contributions they have made to the marriage, both financial and non-financial, and the specific circumstances of the divorce.

Del Mar Property Division Lawyer

Property division can be complex, no matter what may be included. Andy Cook Law can help fight for the fair and equitable distribution of your assets. Contact us today to get started.