Community Property. What is it? Can it be characterized, valued and divided?



California requires that before an asset can be divided, it must be capable of valuation. It must be characterized as community or separate – maybe something in between where a proportional value can be established, Further property must be divisible. There are assets which simply cannot be so divided because of statutory law, State or Federal, or for tax reasons. Every asset and debt must go through this analysis from the very beginning of your case. That’s why a complete list of assets and debts, in California, an FL-142 Schedule is mandatory within 60 days of filing your case or Responding to a filed case.