Division of Community Property
Through the handling of many cases involving property division, HOLMES & HOLMES has come to the conclusion that a brief explanation of family law procedure in California is helpful. This information is not intended as legal advice.
California law states that all property acquired by either party during the marriage, except by gift or inheritance, is community property owned equally by each party. This rule applies regardless of who actually earned or received the property. This rule does not require that each asset be physically split; only that each party receive half of the total community property by value. The same rule applies to debts of the community. There are, however numerous exceptions to the general rules which may apply in your case.
An important part of a case is identifying and determining a value for each asset. In many cases, an appraiser must be hired to give an expert opinion regarding valuations. When businesses are involved, business appraisers or accountants are often used.