At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property.
In all other states, assets and earnings accumulated during marriage are divided equitably (fairly), but not necessarily equally.
Is CA a fifty fifty state when it comes to divorce?
Since California is a “Community Property” state, all marital property will be divided in a 50-50 fashion according to the court unless agreed to otherwise by the divorcing spouses. This means that everything that is considered “up for grabs” in the dissolution will be distributed equally to each spouse.
Are assets always split 50/50 in a divorce?
Since every marriage is different it means that every divorce settlement is different. It is not the case that in every divorce the assets are to be divided 50/50. An equal division of assets may be appropriate in some cases but not others.
How is debt divided in divorce California?
Divorcing and in Debt. California is a “community property” state, which means that any assets acquired and any debts incurred by either spouse during the marriage belong equally to both spouses. During your California divorce, you and your spouse will have to agree on how to divide both your assets and your debts.
Can my wife take my retirement in a divorce?
Divorce is one of the times you can access your IRA or 401(k) before retirement and pay no tax. This happens if the judge assigns part of your account to your spouse in the divorce settlement. In that case you can tap the account tax-free in order to comply with the divorce order.
How is home equity split in a divorce?
The cleanest way to divide the home’s equity is to sell the house. Once the couple retire the mortgage debt, pay taxes and the sale-related expenses, they split the remaining money. By selling the house, the two exes can more easily untangle from each other’s lives, Ballin says.
Photo in the article by “Wikipedia”