When dividing up property for a divorce in California, community property will need to be assessed. What is community property? Simply put, it is anything that both spouses or domestic partners own together. It is what was bought or received during the time of the marriage or partnership, but items that were received by one of the parties as a gift or inheritance are excluded.
What Does "Community Property" Include in California?
Community property may include the earnings of a spouse, even if only one of them worked or one received a higher income than the other. It can also include debt even if it was loans or a credit card used by only one party.
Many couples find that there are additional items that they have not even considered as community property, such as a pension plan. In California, community property is divided evenly even if one of the parties acquired substantially more of what the couple owns.
Quasi-community property will also need to be considered during the division of property. When either or both parties were living in another state, they may acquire assets through their income, real estate, etc. If the property that they acquire would have been community property if it had been living in California, then it will still be counted as quasi-community property. For those going through a divorce or legal separation, this will be included in the separation of community property. Separate property will include what was obtained prior to the marriage or items gained during the marriage through a gift or inheritance.
For professional assistance dividing your property or in the other aspects of your case, call our Roseville divorce attorney immediately.