California laws recognize that both spouses make valuable contributions to a marriage. Most property will be labeled as either "community property" of both spouses or the "separate property" of one spouse.
Community property is all property, real or personal, located in California or outside the state of California, that either you or your spouse acquired through labor or skill during your marriage. You and your spouse own one-half of all community property. You and your spouse may have more community property than you realize: For example, you may have an interest in pension and profit-sharing plans; stock options and stock grants; copyrighted materials; and other more esoteric assets.
With some exceptions, debts incurred during the marriage are community obligations. This includes, for example, the mortgage on your house and credit card bills.
Your community property assets and debts will be divided equally between you and your spouse unless you and your spouse agree to a different arrangement.
Separate property includes all property owned before marriage, all property acquired by that spouse during the marriage by means of gift or inheritance, and the interest, rents and profits produced by a separate property asset.
Separate property also includes property that is acquired by each spouse after the date of separation.
Problems can occur when separate property has been mixed with community property (for example, deposits of funds into a bank account.) You may be entitled to receive your separate property back even if it has been mixed with community property if you can trace it.
There are complex tracing requirements where property has been mixed, and in most instances, the assistance of an experienced family law lawyer will be needed.
I have helped many clients achieve settlements or court decrees that protect their interests in their marital community property. Please contact me at 310-552-2700 to schedule a consultation about your community property rights.
