Under community property law (also commonly referred to as the fifty-fifty (50-50) rule) all real and personal property acquired during marriage by a married person is presumptively community property. It may include a couple’s wages, earnings, income, savings, real estate, brokerage accounts, boats, cars, art, credit obtained during marriage, bonuses and any other property, real or personal. Community property is divided equally upon divorce, dissolution or legal separation, except under special circumstances.
The equal division of community property may result in the actual, equal division of each and every divisible asset, or the equal distribution of different assets of equal value to the husband and wife. In the event either method of property division results in one spouse receiving assets that are worth than those received by
the other, the spouse who received the assets of greater value will usually pay the other a sum of money that is equal to one-half of the difference in value of the assets received.