Courts divide property under one of two basic schemes: community property or equitable distribution.
Debts are divided according to the same principles.
At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property.
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.
Who gets the house in a divorce in California?
Who Gets the House in the Divorce? If the house is separate property, the owner-spouse will get the house. If the house is community property, there are several ways it can be divided, either by agreement or court order, in the divorce judgment.
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 can I protect my money in a divorce?
Protecting yourself from financial harm and having ready access to the financial resources you may need during your divorce is important.
- Open accounts in your own name.
- Close your joint accounts.
- Stash your important personal property.
- Protect your mutual assets.
- Identify sources of cash.
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