Property Division: Achieving a Favorable Outcome
A divorce is a challenging, stressful personal decision. The last thing you want to do while you and your family are adjusting to these changes is worry about property division. Doing it alone, you run the risk of improperly characterizing and incorrectly valuing your shared assets, reducing the amount of the settlement you deserve. Property division lawyer Drummond T. McCunn can help you and your family navigate this process. Since he started practicing law, Mr. McCunn has successfully closed over 1,600 cases and can help you achieve a resolution that is fair and just. To discuss your case with our team, call our Granite Bay, CA, firm at (916) 773-6100 or schedule a consultation online.
What Properties and Debts Can Be Divided?
Your assets are divided into two categories. Community property can be divided during a divorce, while separate property is not eligible for division.
We work with in-house accountants to accurately value your assets, which can dramatically decrease the cost of our services.
Community property is an asset or income that was acquired during the marriage. Examples of community property include:
- Your house and any other real estate, including furnishings
- Cars and other property
- Bank accounts
- 401k and retirement assets
- Stocks, bonds, and other investments
- Business assets or partnerships
- Debt owed to a bank or mortgage company
- Hidden assets
Separate property is an asset or income that was owned prior to the marriage as well as gifts or inheritance. Examples of non-marital property include:
- Inheritance to one spouse
- Property owned prior to the marriage
- Gifts that are given to one spouse
- Property acquired after filing for divorce
In preparation for your consultation, you should create a list of all of your community and separate holdings.
Why Hire a Lawyer?
During the process of property division, a lawyer can help you:
- Characterize assets: A lawyer can help you differentiate between community and separate property. Failure to properly categorize your assets can prevent you from recovering your fair share of the community property.
- Establish goals: Mr. McCunn can create a project plan that devotes your budget to areas where you have the most interest. He is goal-oriented and will never try to draw out the process for his own gain.
- Deal with problematic assets: Dividing your property into either community or separate assets seems like a simple process. However, it can become difficult when a business was owned by one spouse before the marriage, but both worked there during the marriage. Similarly, there might be a property that belonged to an individual first, but each spouse financially contributed to its renovation during the marriage.
- Value your property: We work with in-house associates and accountants to accurately value your assets, especially in a high asset divorce, which can dramatically decrease the cost of our legal services.
Because your former spouse will most likely have an attorney, you need someone on your side who will protect your best interests throughout the entire divorce process.
Schedule Your Consultation
Mr. McCunn is passionate about helping clients plan for a stable financial future, ensuring that they are able to return to a sense of normalcy as soon as possible following a divorce. Property division is an important step in the divorce process because it can ensure favorable, long-term outcomes for both parties. If you are looking for a family lawyer who can carefully approach all angles of your case and work with your budget to achieve your goals, schedule a consultation online or call McCunn Law at (916) 773-6100.
I couldn't ask for a better experience, great staff, knowledgeable attorney and quick response to anything I needed. Job well done guys!Jason S.