Some residents of Oakland, California, may be unaware that California divorce law designates it a community property state and in the event of a divorce, assets are distributed equitably between the couple. In a community property state, all assets acquired during the marriage are considered marital property and are equitably distributed.
Unfortunately, divorce is on the rise in the United States, including California. Many marriage break-ups are long-drawn out battles with couples fighting over many issues, such as child custody, spousal support and even property division. In celebrity break-ups, where with assets in question running up to several million dollars, the bitterness can be extreme. One such celebrity divorce that has been in the spotlight for various issues including property division, is that of oil tycoon, Harold Hamm and his ex-spouse.
Divorces involving significantly large properties are not rare in California. Ordinarily, separating couples can navigate their ways through a division of assets by themselves when both parties to a divorce can agree upon the same thing. However, until the issuance of a final order by a judge, a divorcing couple's community property and debts belong to both parties.
Most divorces usually include property division. With the soaring divorce rates in California and the rest of the US, divorce related property divisions are becoming more complex than ever before. However, what remains important is an equitable division of property between the spouses.
There are few Californian married men or women who are comfortable with discussing the subject of pre-nuptial agreements with their spouses. Such discussions on their part mean that if their marriages come to an end, they have to go through the complex procedure of property division.
Something couples going through a divorce in California may not fully understand is that where they live when obtaining a divorce can substantially affect their divorce decree. While many states have similar laws when it comes to a spectrum of subjects including child custody, business law and civil negligence law, they diverge on issues of property division. Knowing how the property division process works in California can mean fewer surprises down the road.