Assets and Debts Under California’s Community Property Law
Property division is one of the most important components of the divorce process. California is one of nine US states to uphold a community property law, which many people find unnecessarily rigid when dividing marital assets. Community property law requires all marital property owned by divorcing spouses to be evenly divided. There are very few possible factors that can alter the 50/50 division of marital property under this law.
If you are expecting to divorce in California in the near future, you must understand how the state’s community property law functions and its application to your assets and your debts. Unfortunately, many divorcing spouses overlook the fact that debt is divided the same way assets are divided in a divorce and, in many ways, evaluated along similar lines. Your California divorce attorney can assist you in approaching property division proceedings with greater confidence, and you and your spouse may have the option of resolving this aspect of divorce privately.