Any property acquired during the marriage is community property. During a divorce, community property is divided equally. However, each asset does not need to be divided in half. Each partner is entitled to half the equity of each asset. If one party is awarded the family house, the other party may be awarded half the equity in the home. If there are other assets with equity in them and they are awarded to the spouse who does not keep the home, then that equity may offset the value of the home. However, if there are no other assets, then the person who keeps the home, will have to pay half of the equity in the home to the spouse who does not keep the home. The community property is valued as near to trial as possible.
Family Code section 2552 (a): For the purpose of division of the community estate upon dissolution of marriage or legal separation of the parties, except as provided in subdivision (b), the court shall value the assets and liabilities as near as practicable to the time of trial.
If you need a divorce lawyer in the Orange County area to discuss a family law matter such as property division or any other dissolution issue such as child support, custody, transmutation or spousal support, contact Treviño Law, Inc. Conveniently located off of the 5 and 405 freeway at Lake Forest.
Although the posting of this information can be considered free legal advice for an Orange County divorce, it does not guarantee a result. There may be other circumstances that play a significant role in any dissolution which may alter the outcome of a divorce. A divorce lawyer will be knowledgeable about the significance of facts. Those factors should be reviewed and argued by a family law attorney in Orange County.
Please note that this legal advice does not establish a family law attorney-client relationship. This is a legal advertisement for Treviño Law, Inc, an Orange County family law firm.