All community property will be divided equally between the parties. This does not mean that all assets will need to be sold, each party can be awarded certain community property assets and debts the calculation will be done to determine the total value of the assets awarded to each party. If the division is not equal, then the party receiving a higher value of the assets will owe some money to the other party. One half of the difference between the total value of the assets awarded each party. This is called an equalization payment. It is also an option to sell certain assets, For example your house, boat, vehicle, and divide the proceeds equally between the parties. There a number of different options when dividing community property, your attorney can help you determine what type of division is in your or your family's best interest.
If you have any questions, please contact the Law Office of Laurel Peniche Gartman at (714) 283-2811.
As a Certified Family Law Specialist, Laurel Peniche Gartman has been practicing Family Law for over 27 years in Orange County California.
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