Community Property Versus Separate Property
Marital Property Issues primarily covers divorce and pre-marital agreements. California
is one of eleven states that can make the division of assets a complex process. There are two categories that you should be aware of: Community property and separate property. California law defines community property as any asset acquired or income earned by a married person during the marriage. Separate property is defined as anything acquired by a spouse before the marriage, during the marriage by gift, devise, or bequest, and after the parties separate. The law requires that the community estate be divided equally if there is no written agreement requiring a particular division of property. This means that from the total fair market value of the community assets, the joint obligations of the parties are subtracted, yielding the net community estate.