Determining What Belongs to Whom
When it comes to dividing property in a divorce, California is a community property state. This means that all assets and debts acquired during the marriage are considered jointly owned by both spouses. However, this may not always be the case. In this blog, we will discuss the differences between marital and separate property in California.
Community Property vs. Separate Property
Community property (or marital property) states consider all assets and debts acquired during the marriage to be jointly owned by both spouses. This means that these assets will be divided evenly between the two parties in the event of a divorce. However, there are some exceptions to this rule.
Assets that were acquired before the marriage or after the date of separation are considered separate property and do not face division in a divorce. Additionally, gifts or inheritances that were given to one spouse during the marriage are also considered separate property.
Exceptions to the Rule
There are instances, however, where separate property may be considered community property. This can happen if the separate property is commingled with community property. For example, if you inherit a house from your parents and then put your spouse’s name on the deed, it may be considered community property in a divorce. Similarly, if you use joint funds to pay for improvements on the property, it may also be subject to division.