California uses a community property standard for asset division when couples divorce. California is a community property state, not an equitable distribution state. This means that the assets or assets gained during the course of a marriage belong equally to both spouses and, therefore, the assets must be divided equally between the two spouses by the court in the event of a divorce. Community property states view all marital property as joint property regardless of title.
This means that if while you are married you buy a house (or car, boat, etc.) The State of California uses a series of community property laws that act as a buffer to help divide property as fairly as possible. Of course, you are always welcome to contest what property is yours during the mediation and divorce process. Having an understanding of community property law for the protection of your assets is critical, as property ownership will be the key to how partners divide assets during the divorce process. An experienced California divorce lawyer will know all the ins and outs of this dense and complicated law.
If there's one thing divorcing spouses usually agree on, it's that they both want a fair outcome. So what do you think of Rob and Jim and how they divided the water? Was it fair for both of us? Only marital assets are subject to division in a divorce, as they are considered to be shared between the spouses. So to get a settlement that is equitable for both of us, it's essential to work with an experienced divorce mediator with a financial vision like me. In California, a marriage that lasts less than 10 years will have a set duration of alimony, which is usually half the duration of the marriage.
For others, this is a day when both spouses agreed that their marriage was over and made plans to divorce. It's important to understand what that means, how the division of debts and assets affects your divorce. He also wants to make sure that all the income he worked so hard for doesn't end up being wasted on a divorce lawyer and outrageous legal fees. Some people think that every community asset acquired, or every debt incurred during a marriage will be divided in half during a divorce.
You've heard that because California is a community property state, spouses divide everything by 50%, but you don't know how to decipher community property versus separate property, how to disentangle assets or debts that have been mixed during the course of your marriage, and whether or not you and your spouse can have a say on how to divide your assets and debts fairly and equitably.