Property division isn’t always easy. This is particularly true when you have complex property division concerns. For example, you might have an inheritance that has been shared from time to time, or you may have savings or retirement accounts that you need to divide.
It’s not always simple to divide your property, which can cause problems in a state like California. California requires you to split your property 50-50, thanks to the community property laws. As such, you and your spouse will need to discuss how you want to divide pensions, retirement accounts, savings accounts, bank accounts, stocks, property and other assets you own.
Do you have to divide your assets 50-50 in California?
Not necessarily. For instance, you and your spouse can decide to settle at 40-60 if you both decide that it’s fair. A reason to do this might be to give one person more assets, to include spousal support in the property settlement agreement or simply as a way to be fairer to the other party. Keep in mind that the law does allow both spouses to seek 50% of their assets, even if the other doesn’t agree with that.
What should you do if you want to settle for less or more than 50% of your assets?
Wanting to settle for more or less adds to your settlement’s complexity. It’s a smart choice to work with your attorneys to make sure that your agreement is fair and that the court is going to be willing to approve it. Knowing the laws can support your choices during your negotiations.