Fresno Property Division Attorney

Protecting Your Financial Interests During Divorce

One of the most hotly contested issues in divorce is the distribution of property and debts. Since California is a community property state, property acquired jointly during the marriage is divided equally, regardless of which spouse earned the most income during the marriage. However, it can be a complex process to determine what is separate and what is community property and how to divide it equitably. As you go through divorce, a Fresno divorce lawyer at our firm can help to ensure that your marital assets are properly and fully classified, your community property is divided equally, and your separate property is protected. We have extensive experience helping clients from all walks of life, including those facing simple uncontested divorces as well as couples divorcing with high assets.

Need help with property division? Contact us today at (559) 900-1263.
Our experienced attorneys are here to protect your financial interests during your divorce.

Community vs. Separate Property in California

Unlike community property, separate property is not divided in a divorce. 

Separate property belongs to only one spouse and is the property that one party owned prior to the marriage, such as:

• Business interests
• Retirement funds
• Real estate

It also includes property and debts individually acquired during the marriage, such as student loans, inheritance, or property purchased with funds belonging separately to one spouse. Community property is everything that was accumulated during the marriage. 

Examples of community property that can be subject to distribution:

• Joint savings and checking accounts
• Vehicles bought during the marriage
• Marital home
• Furniture bought with marital assets
• Pension plans
• Retirement benefits
• Jointly owned businesses and professional practices

It is not always easy to ascertain which assets and debts are community and which are separate, and the comingling of funds can make it more difficult. Our Fresno property division attorney can help ensure that the process is completed correctly and that you do not unnecessarily sacrifice any portion of your separate property.

How Your Assets Will Be Divided During a Divorce

There are three basics steps to dividing property in a divorce:

• Characterization: it must be determined whether the property is community or separate.
• Valuation: a value must be determined for the assets, either through agreement or appraisal.
• Division: separate property goes to the owner, and community property is divided equally.

Our property division lawyers are devoted to carefully assessing every aspect of the critical issue of property and debt division in divorce, and we will pursue the appropriate legal action to protect the assets you have a right to in a divorce. 

How to Handle Hidden or Concealed Assets

During a divorce, one spouse may attempt to hide assets to avoid dividing them. This is called "concealing assets," and it’s an unfortunate but common issue in divorce cases. Hidden assets can include money, property, investments, or valuables that one spouse tries to keep from the other.

Signs of Hidden Assets:

• Unexplained transfers of money or property to family or friends
• A sudden decrease in the value of joint accounts or assets
• Undocumented transactions or assets that don’t appear on financial statements
• A spouse becoming secretive about their finances

If you suspect your spouse is hiding assets, your attorney can help uncover the truth. A forensic accountant can conduct a detailed investigation into financial records, track down hidden assets, and help expose any fraudulent activity. Attorneys and forensic experts use various tools, including subpoenas and document requests, to ensure a fair property division process.

Spousal Support and Property Division

Spousal support, also known as alimony, may play a significant role in how property is divided during a divorce. In some cases, property can be used to offset or balance out the amount of support one spouse must pay.

How Spousal Support Affects Property Division:

• The spouse receiving alimony may be entitled to more property, helping to balance financial stability after the divorce.
• A spouse may offer a larger portion of marital property in exchange for a lower spousal support obligation.
• Property division and alimony are often negotiated together in order to create a fair financial settlement for both parties.

Attorneys can help ensure that property division and alimony are balanced in a way that protects your financial interests during the divorce process.

Dividing Business Interests in Divorce

Dividing a business in divorce is one of the more complicated aspects of property division. If both spouses own and operate a business together, it may be difficult to determine the value and ownership share.

How Business Interests Are Divided:

• The business is usually valued by an expert appraiser, who will consider factors like income, assets, and liabilities.
• One spouse may choose to buy out the other spouse’s share of the business, or the business may be sold and the proceeds divided.
• If one spouse is awarded ownership of the business, they may need to provide compensation to the other spouse, either through cash or other assets.

Having a professional valuation of the business is essential to ensuring a fair distribution of marital assets. Divorce attorneys often work with business valuation experts to make sure both spouses receive an equitable share.

FAQ: Property Division in Divorce

• What is the difference between community property and separate property in a divorce?
  Community property refers to assets and debts acquired during the marriage, and they are typically divided equally between both spouses in a divorce. Separate property, on the other hand, is owned by only one spouse and is not divided. This includes property owned before the marriage or assets inherited or gifted to one spouse during the marriage.
• Can I keep my inheritance if it was received during the marriage?
  In most cases, an inheritance is considered separate property, meaning it belongs only to the spouse who received it, even if it was received during the marriage. However, if the inheritance was commingled with marital assets (e.g., deposited into a joint account), it may become part of the community property and subject to division.
• How does the court decide how property should be divided?
  California follows a "community property" rule, meaning the court aims to divide property equally between spouses. However, the court may take into account factors like the length of the marriage, the financial and non-financial contributions of each spouse, and any special circumstances (e.g., hidden assets or one spouse's financial misconduct).
• How can I protect my property before or during a divorce?
  Before marriage, you can create a prenuptial agreement to protect your assets. During the marriage, keep separate property and finances clearly documented. If you’re already in the process of divorce, working with a knowledgeable attorney can ensure your property is classified correctly and protected during division.
• What happens if we can’t agree on how to divide our property?
  If you and your spouse cannot agree on property division, the court will intervene. A judge will review the financial situation and make a ruling based on California's community property laws. Mediation may also be an option to resolve disagreements outside of court.
• Will my spouse be entitled to half of my retirement savings?
  Retirement savings, such as pensions, 401(k)s, and IRAs, are generally considered community property if they were earned during the marriage. However, the portion earned before the marriage or after separation may be considered separate property. A Qualified Domestic Relations Order (QDRO) is typically needed to divide retirement accounts.
• Can business debts be divided in a divorce?
  Yes, debts that are tied to a business or any joint debts accumulated during the marriage are subject to division as part of the divorce. A business may have its own debts, which will need to be assessed and allocated to one or both spouses. The court will consider how these debts affect the overall financial situation when making decisions.

Experienced Guidance from Property Division Lawyers in Fresno

At Arnold Law Group, APC, we are attorneys with over three decades of combined experience. When we take on a case, we work as a team to yield the most profitable results for our clients. You can count on us to build an effective plan of action to achieve the results you need and deserve.

Have questions about your divorce? Contact us at (559) 900-1263 now.
We're ready to guide you through the property division process with expert advice.