To understand how the division of assets works in a California divorce, we need to discuss how our state views property rights and associated taxation within marriage. Most states operate under what’s called Common Law, which sees the money each spouse earns and property purchased by those earnings within a marriage as belonging to that individual. The state of California does not view marital property that way.
California is one of very few states that are known for having community property laws. This is as important to know going into a marriage as it is when seeking to dissolve a marriage. Community property does not see assets within a marriage as being owned by individual spouses. Conversely in community property states both spouses equally own the property within the marriage.
Here are a few simple facts about how community property law works in California.
Ends when couple physically separates (with the intention divorce/legal separation)
If you and your spouse see divorce as imminent, it is important that you enlist the counsel of an experienced California divorce and property division attorney. Schedule an appointment at the Law Office of Ann A. Thomson today. A proficient negotiator who understands all aspects of your situation is an invaluable resource in your divorce. Contact us today for a free consultation.