Rancho Cucamonga Property Division Lawyer
Helping You Divide Assets in a California Divorce
Among all the issues involved in divorce, property division is often one of the messiest. Spouses rarely agree on what property belongs to who and can get into disputes over who is keeping the home, the car, or other possessions. When you are facing property division, don’t go through it alone.
Our Rancho Cucamonga divorce attorneys have guided countless clients through these matters and can use this insight to assist with your case.
Why choose our property division attorneys in Rancho Cucamonga?
- We care about your best interests.
- We have years of proven legal experience.
- We take the time to understand your unique case.
- We provide legal solutions tailored to your needs.
Need help with a challenging property division matter? Call the experienced property division lawyers at Chung & Ignacio, LLP for knowledgeable representation. Contact us online to schedule your free consultation.
What is Community Property in California?
California is what is known as a “community property” state. In other words, all assets, property, and debts obtained during the marriage will be viewed as community property.
This means that it can be split up between the two spouses; however, it doesn’t mean it will be split up “equally” in all cases. California courts follow what is known as equitable division, which leans more towards what is fair.
California is what is known as a “community property” state. In other words, all assets, property, and debts obtained during the marriage will be viewed as community property.
This means that it can be split up between the two spouses; however, it doesn’t mean it will be split up “equally” in all cases. California courts follow what is known as equitable division, which leans more towards what is fair.
How is Property Divided Equitably?
The court will consider the following factors when dividing property:
- What each spouse contributed to the marriage (financially, emotionally, etc.)
- The earning potential or current income of each spouse
- Any spousal support agreements being put into place
- Whether or not a spouse tried to hide property or assets
These are just a few of elements that could impact your property division case.
Contact our firm today to schedule your free consultation with our Rancho Cucamonga property division attorneys. We are here to help.
Common Mistakes in Property Division During Divorce
Dividing property during a divorce can be complex and challenging. Understanding common mistakes can help you avoid pitfalls and ensure a fair division. Here are some frequent errors people make during this process:
- Not keeping thorough financial records: Failing to maintain detailed records of assets, debts, and transactions can lead to an inaccurate assessment of what is community versus separate property.
- Overlooking assets: It's not uncommon to forget about certain assets, such as retirement accounts, stock options, or even debt, which should be included in the division process.
- Failing to account for tax implications: Not considering the tax consequences of dividing certain assets, like retirement accounts or investments, can result in unexpected financial burdens.
- Underestimating debt responsibilities: Ignoring joint debts or assuming they will be resolved easily can lead to future financial strain.
- Making emotional decisions: Letting emotions influence decisions, such as clinging to the family home without considering financial feasibility, can be detrimental in the long run.
- Ignoring the long-term impact: Not thinking about the future financial impact of property division, such as the earning potential of an asset or the cost of maintaining it, can lead to regrets.
How a Rancho Cucamonga Property Division Attorney Can Help
A Rancho Cucamonga property division attorney brings invaluable expertise to the table, ensuring each aspect of your property division is meticulously handled. They assist in identifying and valuing all marital assets and debts, helping to prevent common mistakes like overlooking important assets or underestimating tax implications. Their experience allows them to offer strategic advice on negotiating settlements that account for both immediate and long-term financial consequences. Moreover, an attorney can provide objective counsel, keeping emotions in check and focusing on what is most beneficial for your future. By representing your best interests, they work to secure an equitable division of property, so you are not left with less than you deserve.
Schedule a Free Consultation with Chung & Ignacio, LLP
Going through a divorce is never simple, but our firm is here to work towards a favorable outcome. We take the legal burden off your shoulders so you can focus on more important things. Whether you are expecting a heated battle or confusion over what assets belong to each spouse, Chung & Ignacio, LLP is here to guide you through the process.
