California is a community property state. It is one of only nine other community property states in America. Under community property law, husbands and wives are deemed co-owners of property much like a partnership.
In this state all the property owned by a couple fits into one of three categories. It is easier community property, separate property, or quasi-community property.
Whether a piece of property is community, separate, or quasi-community property controls how it will be divided upon dissolution of marriage. Under California law community property is defined as all property, real or personal, wherever situated, acquired by married persons during the marriage while domiciled in the state.
Both spouses own property that is acquired between the beginning of the marriage and the date of separation. How can two people on one piece of property? Each owns a one half interest in the property.
separate property is that property, which either spouse owns before the marriage, after separation, or was received during the marriage by gift or inheritance. To illustrate, let's assume you received $100,000 in inheritance from your recently departed rich grandfather. The $100,000 is yours and will be considered separate property at divorce, generally.
Income earned during the marriage will be deemed to community property unless it originates from separate property. This means that your income will be considered a property even if it's held in separate accounts.
Quasi-community property is a little bit tricky. It is defined under the law as: all real or personal property, wherever situated, acquired before or after the operative date of this code in any of the following ways: (a) By either spouse while domiciled elsewhere which would have been community property if the spouse who acquired the property had been domiciled in this state at the time of its acquisition. (b) In exchange for real or personal property, wherever situated, which would have been community property if the spouse who acquired the property so exchanged had been domiciled in this state at the time of its acquisition.
quasi-community property refers to that property acquired by a couple when they lived in an equitable distribution state before moving to California. In California, however, was a community property is treated just like community property.
Now for the even trickier part: Sometimes separate property can become community property during the course of the marriage. This happens all too frequently and sometimes results in a nasty surprise during divorce. If you are considering a divorce contact me and we can discuss these issues at length to help you avoid any nasty surprises. click on the links below to visit my website and schedule a free consultation
In this state all the property owned by a couple fits into one of three categories. It is easier community property, separate property, or quasi-community property.
Whether a piece of property is community, separate, or quasi-community property controls how it will be divided upon dissolution of marriage. Under California law community property is defined as all property, real or personal, wherever situated, acquired by married persons during the marriage while domiciled in the state.
Both spouses own property that is acquired between the beginning of the marriage and the date of separation. How can two people on one piece of property? Each owns a one half interest in the property.
separate property is that property, which either spouse owns before the marriage, after separation, or was received during the marriage by gift or inheritance. To illustrate, let's assume you received $100,000 in inheritance from your recently departed rich grandfather. The $100,000 is yours and will be considered separate property at divorce, generally.
Income earned during the marriage will be deemed to community property unless it originates from separate property. This means that your income will be considered a property even if it's held in separate accounts.
Quasi-community property is a little bit tricky. It is defined under the law as: all real or personal property, wherever situated, acquired before or after the operative date of this code in any of the following ways: (a) By either spouse while domiciled elsewhere which would have been community property if the spouse who acquired the property had been domiciled in this state at the time of its acquisition. (b) In exchange for real or personal property, wherever situated, which would have been community property if the spouse who acquired the property so exchanged had been domiciled in this state at the time of its acquisition.
quasi-community property refers to that property acquired by a couple when they lived in an equitable distribution state before moving to California. In California, however, was a community property is treated just like community property.
Now for the even trickier part: Sometimes separate property can become community property during the course of the marriage. This happens all too frequently and sometimes results in a nasty surprise during divorce. If you are considering a divorce contact me and we can discuss these issues at length to help you avoid any nasty surprises. click on the links below to visit my website and schedule a free consultation
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