Division of Community Property

Wave breaking at sunset.

Community property consists of everything you and your spouse acquired together from the day you got married until the day that you decided to separate. It includes both assets and obligations. And, as a general rule, you are entitled to half of the assets and you are responsible for half of the obligations existing on the date of separation. The assets would include such things as the family residence, automobiles, bank accounts, investment portfolios and other business interests. Obligations include credit cards, mortgages, auto loans and other debts for which you and your spouse are jointly responsible.

After identifying and evaluating the community estate, there will be a process of negotiating the specific division of the estate. If you and your spouse are able to reach an agreement, that agreement will become part of the final judgment. If an agreement cannot be achieved, the matter with go to trial and the court will decide the disputed issues.