CERRITOS PROPERTY DIVISION LAWYER
What is Considered Community Property in California?
California is a community property state. This means that everything a married couple owns together is subject to a 50/50 split upon divorce. It’s a broad category that includes the following:
- All income received by either spouse during the course of the marriage (salary, interest income, stock dividends, capital gains, retirement accounts, etc.)
- All property (real estate and personal property) acquired during the course of the marriage using income earned during the marriage
- All debts incurred during the course of the marriage
Although this concept sounds simple, it can be quite complex. Certain property, like an inheritance or an asset owned before the marriage, will likely be considered separate property and excluded from the community property division.
What is Separate Property?
In California, separate property includes inheritances, gifts and assets owned and debts owed before the date of marriage. There are many complicated issues related to separate property. For example, the separate property of one spouse is used for the renovation of a community property home during the marriage or community property employment earnings are used to pay the mortgage on one spouse’s home purchased before the marriage.
How are Assets Awarded?
California courts have wide discretion to award assets to each party as they deem appropriate, so long as the awards are equal in value. This does not mean that every asset is equally divided. It means that total assets awarded to each spouse must be equal in value. Courts may award a specific asset to one party based on personal and emotional attachment to the asset, with offsetting assets being awarded to the other party.
Call an Experienced Property Division Lawyer in Cerritos, CA Today
RM Law Group, LLP is committed to comprehensive advocacy, professionalism, and compassionate representation. Call us now 888-765-2902 today to schedule a free, no obligation phone consultation regarding your property division matter.