When it comes to splitting up property after a divorce, there are a lot of things to take into consideration. While many people assume that all property is considered the same, the truth is that California law recognizes four different types of property. Read on to learn more about them and then reach out to Kendall Gkikas & Mitchell at 909-482-1422 to schedule a consultation.
Community property is the most common type of property
In most marriages, almost everything they acquired while they were legally married (or were in a legal domestic partnership) is considered community property. Note that this includes things like property and income, but it also includes debt. In most cases, it will be split 50% to 50%. There are a few exceptions, such as when one spouse receives a gift or gets an inheritance during the marriage.
Quasi-community property covers property obtained in other states
If a couple lived in another state, and acquired any type of property, income, or debt while there, then it will be treated as community property when it comes time to divide property in a California divorce – as long as the assets in question otherwise meet the definition of community property. This is known as quasi-community property.
Debts owned before the marriage are separate property
Then there’s separate property, which refers to any type of asset, property or debt that a spouse owned before they were married or entered into a legal domestic partnership. As mentioned above, gifts and inheritances acquired during the wedding are also considered separate property.
If one spouse owned a property before the marriage and they earn rent, earnings, or other types of property from that separate property, then that is also not community property. Likewise, if the spouse takes the profits from that property that was owned before the marriage and purchases new property with it, then that new property is now separate property.
Note that as soon as you are separated from your spouse, you can begin to acquire separate property. This prevents one spouse from running up credit card bills because they and they alone will be responsible for them. For this reason it’s also important to make the separation official as soon as you know you’re going to get divorced.
Comingled property
The above examples are all pretty simple types of property that must be split during a divorce, but the assets that couples brought into the marriage and then shared can be complex. For example, what if one partner had a house prior to the marriage, their spouse moved into the house with them, and then began paying half of the mortgage? This would be considered comingled property and everyone’s rights aren’t quite as cut and dry.
No matter what your situation is, you want your fair share of your property. In order to get it, you must work with a divorce attorney who understands the intricacies of property in California. Call Kendall Gkikas & Mitchell at 909-482-1422 right away to learn more.
