Articles
Dividing Assets in a Divorce
By: Owen Chen
Updated: May 22, 2022
Disclaimer:
I am not a lawyer. This article is general information and not legal advice. Consult a qualified legal professional for your specific situation. No liability is assumed for any consequences resulting from using this information.
Family Code Section 2550:
Except upon the written agreement of the parties, or on oral stipulation of the parties in open court, or as otherwise provided in this division, in a proceeding for dissolution of marriage or for legal separation of the parties, the court shall, either in its judgment of dissolution of the marriage, in its judgment of legal separation of the parties, or at a later time if it expressly reserves jurisdiction to make such a property division, divide the community estate of the parties equally.
What should I know?
Unlike many other US States, California is a community property state, which means that martial property (most assets acquired during marriage) are assumed to be owned equally by each spouse. Martial property is generally divided 50/50 upon divorce, while separate property (assets acquired before marriage, or gifted/inherited by one spouse) is not divided. However, there are notable exceptions to this rule. Prenuptial and postnuptial agreements can change the way assets are divided, and couples can also agree to split assets differently during the divorce.Â
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