What is community property in California?
Community property is property acquired by any member of a married couple during their marriage. “Property” is anything that has value and can be bought or sold, including a house, furniture, bank accounts, and patents, to list a few examples.
How does it work?
If a couple files for divorce, the judge divides the community property between the two. The way the possessions are divided is based mainly on factors such as original possession, the wage earnings of both parties, and the length of the couple’s marriage.
The division of the property is not “in kind” division, where every object must be divided. Rather, it is an equal division of assets, so that both individuals have an equal financial value after the divorce. Although you do not need to settle the division of community property with lawyers and in front of a judge, you must have a judge sign off on the division of your possessions to legally distinguish one person as the property’s owner.
Also, unless a couple signs a prenuptial agreement, California community property law may apply if the couple divorces in California.
Are you filing for divorce or having trouble with a prenuptial agreement? Why not call us, and let us put you into contact with a lawyer who can help? 805.569.9400