Carlsbad Property Characterization Attorneys
What is property characterization and division in a divorce? Aside from child custody and parenting time, the most frequent source of dispute in California divorce cases is how property, assets and debts will be divided between the parties. California law stipulates that property acquired during a marriage is to be divided equally — not just “fairly” or “equitably” — and before property division can take place, property characterization must be completed.
Experienced, Diligent Property Division Lawyers In North County San Diego
Essentially, property characterization is the process of establishing whether specific funds and other assets will be treated as community or separate property. Many complexities can arise during this crucial step. At Burke & Domercq, LLP, we have the proven ability and resources to resolve disputed property issues in our clients’ best interests.
Whether property will be treated as community property by the court primarily depends on whether it was acquired before the date of marriage or after separation. Gifts and inheritances are exceptions, however, and many disputes involve valuation of complex assets. With decades of experience in contested, high-asset divorce cases, our Carlsbad property characterization lawyers are exceptionally prepared to address:
- Disputes that hinge on when and how specific assets were acquired
- Establishment of fair and accurate valuations for family-owned businesses and professional practices, real estate, special collections and other complex assets
- Issues of acquired interests and the right of reimbursement, which may be relevant when, for example, a once-separate asset has appreciated significantly during the marriage or one party’s separate assets were used to pay the other’s debts
- Potential tax consequences of various settlement scenarios, in order to provide our clients with the information needed for productive consultation with their accountants
Count On Exceptional Preparation And Sound, Comprehensive Legal Guidance
Your concerns may center on whether specific property may need be sold and the proceeds divided. You may be focused on keeping a specific asset or maintaining a viable business. Issues of spousal support may also be in play. The nuances of divorce negotiations and litigation of financial issues are familiar territory for our attorneys, and we call upon a strong network of other qualified professionals as needed.
We emphasize informed, practical counsel and accomplishment of clients’ goals in all we do. For the property characterization and division guidance you need in this pivotal time, we encourage you to contact our firm or call (760) 434-3330 to schedule a productive, discreet consultation.
How are property and assets to be divided in a Carlsbad and North County divorce?
The community assets and debts of the parties are to be divided equally between them.
What constitutes community property?
Any asset or debt which is incurred or acquired by either party or both from the date of their marriage to the date of separation is to be considered community property.
What is separate property in a Carlsbad or North County divorce?
Any asset, debt or account which was owned by either party prior to the marriage and kept completely separate from the funds and accounts of the community should be considered as separate property. This also applies to properly structured inheritances and other family related gifts.
Are retirement accounts and pensions part of community property?
Yes, generally speaking all contributions to retirement or pensions or the growth of the account(s) during the course of the marriage are usually considered to be community property. Community property must be divided equally between the parties.