Tag Archives: Divorce and Real Estate

The Effect of California Propositions 60 and 90 on Your Divorce

Get advice from a skilled family law attorney, financial professional or qualified real estate agent to make good decisions about your property when facing a divorce.

by Diana L. Martinez
Collaborative Lawyer and Mediator, West Coast Law & Mediation, APC

When you are trying to navigate a divorce, there are many issues you need to address. If you own property in California, your decisions about your real estate can be among the most challenging, and perilous, if you are not fully informed.

One area often overlooked when making decisions about real property are the tax consequences. The tax implications can end up making a significant impact on your financial well-being, especially if you are part of the current wave of “gray divorces” among adults 55 years and older.

Many older couples who own property qualify for a lower property tax rate under California’s original Proposition 13. At the discretion of each county in California, Proposition 60 and Proposition 90 allow qualifying sellers to carry their Proposition 13 tax base on their original property with them towards the purchase of a new property of equal or lesser value. (Prop 60 governs real estate sales and purchases in the same county; Prop 90 governs real estates sales and purchases between two California counties).

Proposition 13 protects longtime homeowners against escalating property taxes as the value of their property … Read More “The Effect of California Propositions 60 and 90 on Your Divorce”

When 50/50 Isn’t Always Equal in a California Divorce

Splitting your property in half, known as a “50/50 divorce,” isn’t always the best option for couples.

by Diana L. Martinez
Collaborative Lawyer and Mediator, West Coast Law & Mediation, APC

California is one of nine “community property” states as it relates to divorce. This means that assets and debts acquired and incurred during your marriage will be divided equally upon divorce. Exceptions exist for specific items received during marriage that are deemed “separate property” under the law. This includes gifts and inheritance.

This is one of the most misunderstood concepts in divorce law. Spouses often believe their divorce will be easy if they just split all of their property in half, or “50/50.” While strong emotions present a barrier to resolving issues during a divorce, not far behind is the misunderstandings by couples about the concept of what is “fair” when it comes to dividing up assets and liabilities.

From extensive experience as a mediator, consultant, and Collaborative Divorce lawyer, I am a strong advocate for giving spouses a greater voice in the outcome of their divorce. I am also a strong proponent of ensuring divorcing spouses have as much information as possible to make the best decisions moving forward.

Although the courts are required to enforce the laws, spouses in a divorce, with … Read More “When 50/50 Isn’t Always Equal in a California Divorce”