Orange County Division of Assets Mediation Lawyer
California is a community property state and if a Judge divides the assets and liabilities, each party will receive exactly half of the net value of the community. However, in mediation the parties have the ability to divide the property in ways which the courts can’t order but still divide it equally. In fact, the parties can divide the property unequally if they want, for any number of reasons. Both spouses will have the opportunity to review the asset and debt valuation and determine what resolution makes most sense for their financial future. Issues under review typically include:
- Personal debt division – If there is a great amount of debt, should the spouses consider bankruptcy or debt consolidation?
- Home ownership – Does it make sense to keep the house and deal with the tax consequences? Do you keep the house for a short while, then sell to your spouse or a third party? What are the tax consequences if you hold the property jointly and sell it years down the line?
- Pension, 401(k) and retirement savings – How do you deal with a retirement plans, wait to divide upon retirement or value the plan now and award an equal amount of assets to the other party? Funds in a 401(k) or IRA can be transferred to the other party without tax consequences in order to equalize the division of community property. Should all retirement or deferred compensation be divided equally to be fair to the parties?
- Business ownership – Who will take control of the family business? Will both spouses retain some financial interest or even co-manage the business?
- Stocks, bonds and securities investments – How will expected earnings affect the support settlement?
College education for children – Courts are not allowed to make orders for college expenses, but mediation can deal with this issue as part of the property settlement and/or support.
Property Division Mediation Makes Sense
Through the mediation process, divorcing parties are in a position to have total control over the final division of marital assets and debt. We have been providing California divorce mediation services for more than 25 years, and we have seen how property settlements have helped resolve contentious issues that might have taken substantial attorney and court time.
Our founder is an experienced Newport Beach property division mediation attorney who understands your concerns about your financial future after divorce. We provide California divorce mediation and family law negotiation services for clients throughout Orange County and Los Angeles County. Contact our office to arrange a free consultation about mediation services, our fee schedule and other areas of our California family mediation practice.
Our attorney has held the highest AV Preeminent rating* in the Martindale-Hubbell peer review rating system since 1984. He has been listed among America’s Best Lawyers for Orange County family law, and enjoys a current listing among the Los Angeles Times Super Lawyers for Orange County.
Call Us For Mediation Services For The Division Of Assets In Newport Beach, California
*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.