California is a community property state. The presumption is that any property or debt acquired during the marriage is community property. There are exceptions to the general presumption of community property, typically gifts, inheritance, or income obtained from a separate property asset. The community estate ends upon the date of separation.
Property characterization is often a highly disputed area of family law cases. If you or your spouse had a substantial asset prior to marriage (such as a house, retirement plan, business, etc.) or received inheritance during the marriage, you will want to make sure to discuss your rights and options with respect to that asset.
Debts can also be separate property. If you or your spouse have significant debt, including student loans, credit cards, or other liabilities, you will want to discuss your rights and options with respect to that debt as well.