What Is Property Characterization, Valuation and Division?
Property Characterization, Valuation and Division involves, determining whether the property is community or separate property, evaluating and appraising said property and then creating an agreement of division of said property between the Parties.
Property Characterization, Valuation and Division involves the following steps:
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Step One: Characterization: determining whether the property is community or separate property. Generally speaking, community property is property that was acquired during the marriage.
Generally speaking, separate property is property that was acquired before marriage and after the date of separation. Generally, gifts and inheritances are considered separate property.
Step Two: Valuation is evaluating and appraising the property of the Parties by using discovery, financial disclosure and using experts such as forensic accountants, appraisers, real estate agents to evaluate property values.
Step Three: Division of the property is when the Parties create an agreement of division of the property after all evaluations are conducted and assets are determined and each party will receive the property that was laid out in their specific agreement.
Our office is prepared to help clients with any of their property division needs.