Asset Division In a Divorce: What Does The California Law Say?
According to the LA Times , divorce rates in the United States are dropping each year with fewer people tying the knot and the increasing number of people waiting till they’re older and more financially stable before getting married. California has one of the lowest divorce rates in the country . However, for people who are getting divorced, the split can be messy and full of complicated legal processes. One of the most complicated aspects of a divorce settlement is asset division. Under California law, when two people get married, they are considered a community and any assets and debts acquired during the course of the marriage are considered community property. However, this doesn’t mean that in case of divorce, all assets are split 50/50. The process of division is a bit more complex than that. Splitting Assets According To California Law California community property law requires an equitable division of everything that you and your spouse bought during the...