While California is a community property state, there can be complications or unique factors that make the division of marital property complex. The idea of a 50-50 split of marital property during a divorce in the state is ideal. However, most people should understand it may only be the starting point.
Several factors that can make the division of property more complex can include the finances of the individuals as the divorce unfolds. An extreme amount of debt and/or a bankruptcy situation may complication the issue. Also, if the divorce is considered high net worth, it may take longer to divide property and the process may be more complicated overall.
What individuals do for a living and how assets have been handled can also be complicating factors. For example, if there is a family business or a professional practice involved, the task of evaluating that business or practice and splitting it as an asset can be overwhelming and play a major role in a divorce settlement. When assets are hidden, the full value of the property to be split may be underestimated or unknown, which can mean hiring others to uncover or appraise assets.
In order to ensure a fair property division agreement during a divorce, California residents may benefit from knowing what all is at stake and what individual factors may make their divorce more complex than others. Once parties have a full picture of the property and value of that property, each party can make informed decisions and plan for the next chapter after divorce. Our website has more information about property division and each party’s rights during the process.