Dividing the Community Property and Assets

Unless there is a formal written agreement, such as a prenuptial agreement, a couple’s community property will be divided equally in the event of a divorce. California law does not require that each individual item be split in half. The requirement states that the value of what each person receives be equal. So, one person may acquire the family home while the other acquires the family business, so long as the value of what each person receives is equal.

Spouses can also divide assets by allowing one of the spouses to buy out the other spouse’s portion. In addition, they can sell an asset and split the profits. They are also not held to divide everything as they may still hold property together after the divorce if they wish. For instance, a divorced couple may agree to continue to own their residence if they have children.

A couple must also divide debts that were acquired together. This includes car loans, home loans, and credit card debts.

Dividing Other Assets

There are a few assets and properties that come with their own set of rules and judgments. For instance, in the event of a shared residence, the primary custodial parent will likely be awarded the family home. That parent will also bear the financial responsibilities of owning the home, although the other spouse may be required to assist in the responsibilities if there is a drastic difference in the two spouses’ incomes.

If one spouse obtained a professional license or college degree during the time of the marriage, it is considered community property, and the other spouse has the right to be reimbursed for the cost of the license or degree. However, if the spouse took out a loan to help pay for their loan or degree, they will be assigned that loan alone in the event of divorce.

FAQs

Q: Is California a 50/50 Divorce State?

A: Yes, California is a 50/50 divorce state. This means that any property acquired during the time of marriage is considered community property. Therefore, in the event of divorce, all community property must be split equally among both spouses. The community property law also states that debts acquired during the time of marriage must also be split. Examples of these include home loans, car loans, and credit card debt.

Q: How Long Can a Spouse Drag Out a Divorce in California?

A: There is no set time for a spouse to be allowed or not allowed to drag out a divorce in California. However, there are options that a spouse can take in order to attempt to move forward in the proceedings if the other spouse is unwilling and uncooperative. This includes seeking mediation, petitioning the court, and requesting court intervention.

Q: What Happens if Spouses Cannot Agree on Property Division?

A: If spouses cannot reach an agreement on property division, the court will make decisions based on California’s community property laws and principles of fairness. This could involve a trial where evidence and arguments are presented to the court, and the court decides how to divide the assets and debts.

Q: How Long Do You Have to Be Married in California to Get Half of Everything?

A: In California, it does not matter how long a couple has been married in order to get half of your community assets. Regardless of the length of the marriage, the community property assets rule still applies. However, while the length of the marriage does not matter, the longer a marriage lasts, the more likely the couple is to have community assets that will have to be divided if they divorce.

Contact Najera Law Group, APC, Today

If you or a loved one is going through a divorce and needs assistance in dividing property, a property division lawyer at Najera Law Group, APC, can help. We can provide you with the legal representation you need, evaluate your assets, and negotiate for you to reach a fair and equitable agreement. Contact us today to get started.