PROPERTY DIVISION MEDIATION

Los Angeles and Orange County, CA Division of Assets Mediation Lawyer

Los Angeles and Orange County, CA 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.