What is community property and what is separate property in your North County or Carlsbad divorce? Why is the “date of separation” such an important issue in your divorce?
When a couple divorces in Carlsbad, their assets and debts (or liabilities) must be carefully accounted and appropriately divided. The property, assets, accounts and investments which they acquired or accumulated during the course of the marriage is known as “community property.” Community property is most often divided fairly evenly between the parties absent extreme circumstances or the presence of a prenuptial agreement.
Property that was owned by one of the spouses prior to the marriage is known as “separate property” as long as it was maintained completely separate from community property, and no communal funds were used on the separate property during the course of the marriage.
The discussion of community property versus separate property can become quite challenging in many cases, and this is why it is so important to have the representation of the experienced and skilled Certified Family Law Specialists at Burke & Domercq. We have practiced in North County Family Courts for decades and provide informed insight based upon this extensive experience as well as our proven track record as trial attorneys.
One of the challenges in the division of property arises when community funds were used to support a “separate” asset. For example, if one of the spouses owned a vacation cabin prior to the marriage and the cabin required repairs during the course of the marriage and marital funds were used for the repairs or renovations the asset would become blended. It is not entirely a separate asset, nor is it community property.
Sophisticated financial analysis must often be performed to calculate the value of the community’s interest in a “separate” asset while ensuring that the community interest is fairly divided as part of the divorce. This can be especially difficult when a business or professional practice is involved in your divorce proceedings.
The date of separation is a critical date in any divorce. This date marks the point where the former spouses acquire property or earn income without having to divide it as community property. This can also become a clouded issue, and it is important to have the skilled representation of our experienced Carlsbad divorce attorneys.
If you are considering a divorce in Carlsbad we invite you to contact us or call 760-389-3927 to schedule an appointment with one of our seasoned attorneys.