Eddieee, I want half: California’s Community Property Laws
One of the funniest stand up comedy performances that I have ever seen was Eddie Murphy’s Raw. I will never forget the sketch about community property and divorce in California. I can still hear Eddie Murphy’s voice in my head, saying “Eddieee, I want half!”
Unfortunately, the reality of divorce is simply not funny.
Married Couples who live in California are subject to California’s community property laws. Simply put: all income or property acquired while the couple lives together during the marriage is owned equally by both spouses. There are some exceptions to this, including property acquired before marriage, income from separately owned property or property that is inherited or a gift.
Upon divorce, the value of community property assets must be equally divided. This division includes not only assets but debts as well. So, if one spouse accumulates a large amount of debt during the marriage, the other spouse is equally liable for that debt. This sometimes comes as a great shock to the other spouse.
California’s community property laws can be easily avoided. Before marriage, a couple can enter into a prenuptial agreement which states the couples intention regarding property rights, or if issues arise during marriage, the couple can enter into a postnuptial agreement.
Property issues are frequently complex and it is often helpful, or necessary to talk to a lawyer about these issues. If you have questions, please contact Laura L. Thatcher at Robinson-Thatcher, LLP.
Wishing you peace.
“`. I am very thankful to this topic because it really gives useful information ,-;