This paper investigates the use of the polarization as a diversity technique to allow the joint operation of co-located CDMA networks. We propose a closed-form expression for the link probability of success with respect to the topology of the deployment and the channel characteristics (code orthogonality and degree of polarization). Next, we derive the equivalence between the degree of polarization and the orthogonality in a scenario of two dual-polarized co-existent networks. A numerical analysis of the per-node throughput is presented to evaluate the gain achieved when a dual-polarized approach is used.