Fair Property And Debt Division During Divorce

One major part of divorce is the process of dividing property, and every state has different statutes to determine the best way to do so. At Harris and Fraser in Burlingame, attorney Elaine Ryzak Fraser has managed these and other difficult family law problems for over 40 years. She understands how debt and property are divided in California.

As you go through the difficult process of ending a marriage, our team will be dedicated to finding a way to have your property divided fairly to set you up for a better future. Call 650-389-9036 to set up a consultation.

What Kinds Of Property And Debt Must Be Divided In Divorce?

In California, property is anything that you could buy or sell, and anything that has value. This could include any of the following: life insurance with cash value, pension plans, residences, automobiles, clothing, furniture, businesses, patents, cash and bank accounts. While a prenuptial agreement can help you avoid some of the issues that are common with property division during divorce, there are situations that render a prenup unenforceable, so it is a good idea to meet with an attorney before trying to divide your assets and debts.

Because California is a community property state, any domestic relationship registration or marriage makes the couple one legal community. This means that any property you acquired during your marriage is split equally between you and your ex. Separate property refers to anything you or your spouse acquired before the marriage or any gift that was given to only one of you. Any debt that you accrued while together is also considered community debt and is usually divided the same way.

Along with community and separate property, there may be issues such as mixed community property and quasi-community property that are hard to understand without an extensive legal background. Because fair division of property and debt is important to your future, we are prepared to litigate your case if necessary, but we also recognize the value in negotiating a settlement when possible.

Dividing Complex Property And Debt In A California Divorce

Property division can take more work when spouses own valuable assets, businesses, real estate, retirement accounts, stock options, investments or complex debts. Even when spouses want to settle peacefully, they may need help finding their assets, sorting them and deciding how to divide them.

For many Bay Area families, divorce involves more than a home and bank accounts. Couples may need to address stock options, rental properties, family businesses, professional practices, pensions, retirement plans or inherited assets. They may also need to account for reimbursements, taxes and marital debts. Property division can become more complex when spouses mix funds, transfer assets, refinance property or use an asset for both personal and marital purposes. Reviewing financial records can help clarify what each spouse owns and owes. A financial professional may also help determine the value of certain assets.

Harris and Fraser helps clients work through these financial issues with clear legal guidance. We understand that dividing property can cause financial and emotional stress. When possible, we work to resolve disputes through negotiation, mediation or collaborative divorce.

Resolving Property Division Through Mediation Or Collaborative Divorce

Property division does not always have to end in court. When spouses can share financial information and work toward an agreement, mediation or collaborative divorce may offer a more private way to resolve these issues. These options may also help reduce conflict and keep discussions respectful.

Mediation and collaborative divorce still require a close review of the couple’s finances. Spouses may need to gather records, value assets and review debts. They may also need to consider how an agreement could affect their future finances.

Now Is The Time To Get Answers

Whether it is through litigation or alternative dispute resolution, we strive to help you obtain a fair settlement from your divorce. Contact our experienced lawyer at Harris and Fraser online today or call us at 650-389-9036 to schedule a consultation.