Division of Property

divorce-and-money

Division of property or assets can be a heartbreaking and an emotionally draining component in completing the divorce process.

When we start diving into this topic it is important you understand some key definitions applied in the Family Law courts in California.

What is community property?

This is exactly how it is stated in California Family Code section 760 “…all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” As a rule of thumb, community property is split 50/50.

What is deemed separate property?

Separate property after you get married is deemed as:

  1. All property owned by the person before marriage
  2. All property acquired by the person after marriage by gift, bequest, devise, or descent
  3. The rents, issues, and profits of that property
  4. The earnings and accumulations of a spouse and the minor children living with, or in the custody of, the spouse, while living separate and apart from the other spouse.

As much as we would like to keep them separate, there are grey areas and the burden of proof will be important. There are procedures whereby community property can become separate property or vice versa through a legal process called transmutation – it has to be done through mutual consent from both divorcing parties.

What is considered an asset in a California divorce? Here are some examples:

  1. Family home
  2. Commercial real estate
  3. Land
  4. Rental property
  5. Furniture, furnishings and appliances
  6. Jewelry, art, coins and collectibles
  7. Bank accounts
  8. Stock and investment accounts
  9. 401(k), pensions or other retirement accounts
  10. Businesses and partnership interests
  11. Life insurance policies
  12. Cash
  13. Cars
  14. Patents, copyrights and trademarks

Therefore, the important question you must be able to answer is ‘what is your separation date’?  Have you got an official court approved date of separation? If no, make an appointment with us today.