One of the big issues divorcing couples in California have to tackle is the division of their assets and debts. To start, keep in mind that California is a community property state for property division. This means that each spouse has a right to any property or debts acquired during the course of the marriage. When it comes to property division, the couple's community (marital) property and debts will be split approximately 50/50.
To begin the property division process, each spouse will need to complete and exchange a Schedule of Assets and Debts (Form FL-142). In this document, each spouse states what all of their assets are -- both separate and marital. It is important to be entirely truthful when listing one's assets, as well as ensuring the list is complete. Some spouses may try to hide assets in order to get the upper-hand during property division. However, most attempts at hiding assets fail, and the penalties one would face if they are caught hiding assets can be very serious.