Orange County Property Division Attorney
Request A Free Consultation & Get The Help You Need To Protection Your Finances!
Divorce is a serious step. Not only do you need to think through the relational
repercussions you will face with your former spouse, children, and family
members, but you must also consider the financial challenges.
Our Orange County divorce lawyer has helped countless clients navigate
their complex divorce cases and has ensured their rights and interest
remained protected the entire time. We focus exclusively on
family law and
divorce cases, helping us offer a superior level of legal services to our clients. Our
team can carefully review your financial situation and help you get a
step ahead for your divorce case.
What Is Community Property?
Couples going through the process of divorce must decide how they wish
to divide their property, assets, and debts. California maintains that
any property that a married couple accumulates during a marriage will
be treated as community property. According to state laws, community property
will be distributed equally between both spouses.
Separating Your Property in California
- Our Attorneys Have the Answers (FAQ)
Divorce is one of the major legal decisions that you can make during your
lifetime because it will force you to make tough decisions regarding the
termination of your marriage and issues that affect your family. The burden
of dividing your property, assets, debts, or other possessions with your
former spouse can become an incredibly emotional process.
Obviously, there can be a lot of room for disagreement when it comes to
equal distribution. In a perfect world, all couples would be able to agree
on how to divide their assets and debts equally through the process of
negotiation. Unfortunately, this is not always possible, and some couples
can get caught up in heated arguments over minor issues, such as who gets
to keep the furniture. Whether you can handle your own property distribution
decision or will need the court to handle it for you, our property division
lawyers in Orange County can help you during every step of the way.
Our firm can assist you with:
- Determining which property is communal or separate
- Determining the value of the community property
- Determining an agreeable way to divide the property
How Can You Prepare Your Finances For a Divorce?
Whether you or your spouse initiated the divorce, it is crucial that you
get a step ahead by planning for financial circumstances. We understand
that it can be challenging to balance the legal obstacles as well as the
financial changes you will be facing, which is why we are here to help.
In order to be best prepare your finances, you should make sure to do the
- Close any joint accounts you have with your spouse
- Work towards establishing your own credit
- Keep all non-marital assets separate from the divorce
- Carefully review your financial holdings, such as stocks, 401k, and bank accounts
- Cancel (or freeze) any joint credit cards you have with your spouse
- Photograph or collect evidence of your assets
While these are just a few steps you can follow to protect your financial
holdings leading up to a divorce, they can greatly minimize the amount
of stress you may face.
If you would like more financial tips or counsel, be sure to
contact our Orange County divorce lawyers for insight.
Protect Your Separate Property
Separate property is property that you purchased or exchanged on your own
before marriage. Separate property can also include any type of property
that you acquired by gift or inheritance during the marriage. Any property
that you have accumulated before divorce but after the finalized date
may also be considered separate property.
Dividing Marital Debt in California During Divorce
When you file for divorce, you will be required to divide all of your properties
in a fair and "equitable" way. This involves both assets and
liabilities. That's right. If your spouse has debt, you may have to
take some of it with you when you part ways. It will depend on whether
or not the debts were accumulated prior to the marriage.
Are You Responsible For His or Her Debt?
You may be responsible for your spouse's debt if:
- The debt was accumulated during the marriage
- The debt was accumulated prior to your date of separation
- The debt was accumulated in a joint account (sometimes separate accounts
For example, if your spouse racked up thousands of dollars on a joint credit
card, you may be stuck paying for half of those expenses as a result of
the property division. On the other hand, if your spouse has student loans
from prior to the marriage that are still not complete, you may be able
to avoid shouldering that debt because it was collected pre-marriage.
Contact An Orange County Property Division Lawyer For a Free Consultation!
Don't risk your property, rights, or interests. Most importantly, don't
risk letting this distribution process turn into a contentious, retaliatory
courtroom drama. Hire an Orange County divorce attorney from our firm
to help you through this legal process so that your family, future, and
financial situation can remain completely protected from beginning to end.
Call The Law Offices of W. Douglas McKeague
today and receive the personalized legal attention that you deserve!