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Top Orange County divorce lawyers; The Maggio Law Firm

Dividing Property in Uncontested California Divorce Cases

Top Orange County divorce lawyers; The Maggio Law FirmIn all divorce settlements, property needs to be divided. Both separate and community property have to be divided. But the situation is somewhat easier and amicable in an uncontested divorce. It makes it simpler to divide the marital residence, any retirement savings plans and all other assets between the spouses.

Community property

The division of the community property depends on the honesty of the couple. Both the spouses should be willing to accurately declare their income and expenses to each other. All accounts and financial documents can be verified to reach a settlement.

Marital residence

The marital residence is first put through an appraisal. The equity is decided on and the house is then divided in such a manner that it suits both the spouses. One of the spouses can also opt for a complete buyout. A buyout can be made in the form of a cash payment or as an exchange for some other personal property. The aim of property division is to give each spouse an equal share of the community property. Neither spouse should be allowed to have an unfair advantage over the other.

If neither of the spouses has enough resources to complete a buyout then it is best to sell the marital property. The selling of the property should be done with the help of an experienced real estate broker.  Again it should be made sure that both the spouses have an equal say in the sales procedure and receive the same share from the sale of the property.

Bank accounts

All account statements should be exchanged with your spouse. It is important for you to determine which comes under community property and which under separate property. Take the help of an accountant if need be. Then you would be sure that the classification of property as community and separate is correct. It would save you from losing out on any money that is rightfully yours. In bank accounts separate property is from inheritance and gifts.

Getting divorced in California can be complicated.  Download our free eBook, 18 Important Things to Know About California Divorce to educate yourself on the process.  

divorce_attorneyGerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.

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