What is “Community Property?”

Pierre Domercq Divorce

California is known as a “Community Property” state in terms of how marital property is characterized and ultimately divided during a North County or Carlsbad divorce. In california, the spouses are entitled to equal and undivided interest in all “marital property.” Community property refers to property you or your spouse obtained during the course of the marriage.
There are exceptions to this including many outside gifts and inheritances. These separate financial events must be kept distinctly separate from marital assets or they may become partially or fully community property.
“Separate property” refers to assets, real estate, business ownership, bank and investment accounts, trusts and other assets you had prior to entering into the marriage. The question of whether or not a “separate” asset can become partially or entirely a “community property” is a complex legal determination based upon the actions of the parties and the use of marital funds, work and assets to improve or support the separate property.
Divorcing spouses are entitled to one-half of the community property, as well as one-half of the community property interest in your spouse’s separate property.
These issues require an experienced North County divorce and property attorney, especially when a business or professional practice is involved. Our seasoned divorce lawyers have decades of experience in North County divorce cases. We advise our clients on all matters and aspects of the divorce including community and separate property issues, business and asset valuation and the calculation of a community’s interest in separate property.
We invite you to contact us, or call 760-712-3741 to schedule an appointment with one of our experienced Carlsbad family law lawyers.