What Is Property Division?
One of the main issues in a divorce or legal separation is the division of your personal community property. In California, property is divided according to community property law which means that any property acquired by you or your spouse during marriage will be divided equally. Separate property, such as property received by gift, inheritance or a property that was acquired prior to marriage, is not divided. There are many exceptions that affect the basic equal division rule including characterization of property, excessive debt, student loans, personal injury awards, and when complex issues. Additionally, valuing assets accurately is essential to obtain a fair property division.
Our Approach to Property Division
At GFT, we have the expertise and understanding to handle all property issues, from simple to complex. Our family law attorneys conduct a detailed analysis of the property issues in each case, weighing the financial advantages and disadvantages of different positions, which will serve as the foundation for the strategic approach we develop to meet the goals of our client and obtain the best possible property settlement.
As one of the largest family law firms in Southern California, Gilligan, Frisco & Trutanich, LLP has the dedication and experience to handle your issues with care. While most family law firms are small, our five-attorney firm has the resources to attend to all of our clients' needs.
How Property Division is Determined
The division of shared property can be complicated. In addition to assets, there are debts, pensions, and other, non-physical things to divvy up. The first step in equal property division is for both spouses to fill out a Schedule of Assets and Debts, which is required in all divorces and separations.
GFT, LLP offers a comprehensive range of legal services to address our clients' legal needs. For those who prefer to resolve their matters outside of court, we have attorneys who specialize in non-litigation alternatives, such as divorce mediation and divorce collaborative. For cases that can only be handled in court, our litigation attorneys are highly skilled at negotiating settlements and producing positive trial outcomes, particularly in high-conflict cases.
FAQs About Property Division
Will my assets be split evenly?
All property that was acquired during the marriage will be divided evenly in the state of California. Parties must reach a mutual agreement regarding property that was acquired before marriage.
Am I entitled to my spouse’s pension or benefits?
You are entitled to a percentage of the portion of the benefits that were acquired during the marriage.
What about my spouse’s small business?
You are entitled to a portion of the business that was developed during the marriage. That is community property.
Who gets the house?
If there are minors living in the family residence, then the custodial parent is generally entitled to it. If there are no children living at the property, the house must usually be sold.
100+ Years Collective Experience
Gilligan, Frisco & Trutanich, LLP, was co-founded by John J. Gilligan, who has been practicing family law in Long Beach since 1981. Janine M. Frisco is also a partner, as is Kristin Trutanich. Together, they are the area’s most comprehensive legal stronghold.
GFT has helped individuals and their families surmount their legal difficulties for the past several decades. We are proud to serve Southern California, and have the dedication and experience required to handle every type of issue.
The Team of Attorneys You’ve Been Looking For
Our experienced team of professionals will guide you through life’s murkiest waters. At Gilligan, Frisco & Trutanich, LLP, we have the resources needed to represent clients in all aspects of family and criminal law.Contact Us
We have two offices conveniently located in Long Beach & Palos Verdes. We represent clients in courts throughout Los Angeles, Orange, and Riverside counties.
Long Beach Office
One World Trade Center, Suite #1740
Long Beach, CA 90831
Palos Verdes Office
2516 Vía Tejon, Suite 309
Palos Verdes Estates, CA 90274