Property division is one of the most complex aspects of a divorce. In California, understanding how property is divided can help you prepare for the process and protect your assets.
Is California a Community Property State?
Yes. California is a community property state, which means that any property acquired during the marriage is generally considered community property and is divided equally between spouses. However, property acquired before the marriage or through inheritance or gift during the marriage is usually considered separate property.
What Counts as Community Property?
Community property includes:
- Income earned by either spouse during the marriage.
- Real estate was purchased during the marriage.
- Retirement accounts and pensions earned during the marriage.
- Other assets acquired using community property.
How Is Property Division Handled?
The process typically involves:
- Identifying Property: Determining what assets and debts are community or separate property.
- Valuing Property: Assigning a fair market value to assets.
- Dividing Property: Splitting community property equally, while each spouse keeps their separate property.
What About Debts?
Just like assets, debts incurred during the marriage are generally divided equally between spouses, even if one spouse was the primary borrower.
How Can a Lawyer Help?
A family law attorney can guide you through the property division process, helping to ensure that you receive your fair share. Contact me today for assistance with your divorce.
