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. One spouse uses the money they earned before they were married as a down payment on a house. The down payment for this new home is separate property.
The married couple uses the money they earn to make mortgage payments. This means that payments are made using community assets. The principal (value) resulting from the mortgage loan repayment is community property. The capital of the house is now part of the community and part of separate property.
When it comes to dividing assets in divorce, California courts seek a fair and equitable division. The general idea is that ex-boyfriends date relatively evenly and that each enjoy a similar standard of living to what they experienced during marriage. And any part of the separate property, or debt acquired before marriage, will remain with the spouse who acquired it and will not be subject to division. Taking into account, of course, any transmuted property.
As a last resort, some spouses use the lottery method to divide such assets. Joe is passionate about helping couples avoid the destruction of lawyer-driven litigation and specializes in helping couples resolve issues required for divorce, peacefully, fairly, and cost-effectively. If you hire divorce lawyers who can't help you and your spouse reach an agreement, you'll have no choice but to fight in a California court. The estate and debt part of a divorce can be complicated, especially if you have something of high value or a lot of debts.
When you look at personal property the way California family law sees it, the concept of dividing it in a divorce becomes easier to understand. If there's one thing divorcing spouses usually agree on, it's that they both want a fair outcome. Some people think that every community asset acquired, or every debt incurred during a marriage will be divided in half during a divorce. So what do you think of Rob and Jim and how they divided the water? Was it fair for both of us? For example, if you have an RV and one of you really wants it in the divorce, you can exchange it for something of comparable value.
But even if Linda agrees that it's only fair for me to contribute, how would she do that? The money for Jason's entire team and truck is tied to a home equity loan taken against his marital home. However, the courts will have the final say in what is considered rather than community property in a divorce trial. 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. As a couple going through a divorce in California, you have the opportunity to decide how to divide your joint bank account before you have to ask the court to do it for you.