Division of Property (Assets and Debt)
California is a community property state. So what exactly does this mean? This means that all assets and liabilities (debt) accrued throughout the duration of the marriage must be divided equally.
This does not mean that each asset must be divided in half or sold and the proceeds divided. It does mean that the assets and debts will be set out on a balance sheet and that each spouse will receive one half of the net worth of the community property.
What about Separate Property?
Separate property is that which was owned by either one of the spouses before the marriage, property that was acquired during the marriage by gift or inheritance, and/or earnings and accumulations after the date of separation. This determination can be complicated and will be very unique depending on the facts
of your case.
Marital Settlement Agreements (MSA)
What if the Divorce is Uncontested?
If an agreement is reached regarding all issues, including division of assets and debt, spousal support (alimony), child support, child custody and visitation; then the matter will be heard as a default.
If you and your spouse reached an agreement, you should have an attorney put in writing so that it can be filed with the court.
This generally means that the dissolution judgment will be entered without the necessity of a court appearance by you and/or your spouse.