Property Settlement

Property Settlement Agreements divide the marital property and obligations of the spouses. As such all property of the spouses must be characterized as separate or marital. The value of those that are deemed to be marital, or community property, must then be determined. Valuation of certain asset may be complicated where there is a businesses, real estate, retirement accounts, partnerships, intellectual property rights, or personal property such as art or collectibles.

Debts must also be determined the same way as assets; those accumulated before the marriage or after the separation are separate debts. This may include credit cards or consumer debt even if only in one spouses name. A notable exception are student loans which are considered separate property. Other consideration include the cost of liquidating assets as part of the settlement and the tax implications from any proceeds.

The division of property can be accomplished by a settlement or a court decree. Property settlement is part of the marital settlement agreement spelling out the terms and conditions of the divorce including child custody, child support and spousal support. There are many obvious advantages to filing a settlement agreement rather than having these decisions made by the court. The court will likely approve any agreement within certain guidelines if it determines it to be a fair and equitable contract where no obvious fraud or duress is involved. Beside being able to achieve what can be beneficial to all parties and satisfying personal preferences it avoids unnecessary court appearances.

Determining the nature of an asset or obligation can become quite complex where a business or pensions are involved. When these issues arise it is best to seek an attorney with extensive experience with the financial aspects of a dissolution of marriage. Contact Elizabeth F. Courtney.

Elizabeth F. Courtney
909.946.7270
489-A N. Central
Upland CA 91786
Master Card, Visa and Discover accepted