Divorce is a complicated process for anyone. There are many aspects involved in the process of divorce, which often makes it lengthy and arduous. One of the aspects of divorce is the division of property. If the parties cannot agree on how to separate their assets on their own or with the help of a mediator, the court can help them do it.
California is a community property state, which means that either spouse owns, such as an asset or property, belongs to both people. If they divorce, they must divide it equally, including anything that either person bought during the marriage and until the date of separation.
Separate property also exists, which refers to any assets that one of the parties had before they married the other person or anything they bought after the date of separation. Gifts and inheritances are separate property, too.
Other issues with division of property
If the couple owns an asset that cannot be split, like a house or a car, the court can make the couple sell the asset and split the money between them. The couple can also choose to resolve these financial matters on their own.
If the couple or either spouse acquired any debt during the marriage, it is also considered community property and split 50/50 in the event of divorce.
Divorce is complicated no matter what, and the division of property is just one of the elements involved in the divorce process.
California is a community property state, meaning that any assets the couple owns, or any debts that the couple acquires during the marriage belong to both people.