Homes, QDROs, stocks, cars, businesses, debt… There can be a lot to divvy up in a divorce as you go your separate ways. Freedom Law 805 will fight for what is yours and guide you through this complex process. We partner with industry experts in QDROs, real estate, and investments to ensure you get the best outcome possible when dividing your assets in a divorce case.
Key Concepts
All California family law property division issues boil down to one question: is this community property or separate property? Answering this question can become extremely complex, however. Below are some definitions and guidelines to help you understand what is yours and what is shared.
Community Property
In a nutshell, everything you earn or buy with money you earned during marriage is community property. This means all income from your job, all contributions to your retirement plans, all property such as homes and cars you purchased with income earned during marriage, and all payments you made toward these assets with income earned during marriage. The same goes for your former spouse’s earnings. If you never worked during the marriage, relying instead on your spouse’s income, half of the money your spouse earned during marriage is considered community property. Similarly, all debt acquired by either of you during marriage is community debt. It makes no difference whether you and your spouse held joint or separate bank accounts during marriage, unless you signed a prenuptial agreement (“prenup”).
SEPARATE PROPERTY
Everything you earned before your wedding day and after the day you separated (not the day your divorce became final) is your separate property. Separate property also includes gifts or inheritances you received during marriage
The date of separation can become a point of contention in divorces.
Mixed property
Few couples plan on getting divorced at the time they get married. So, they share things. Spouses use their separate savings from before marriage to buy a home together. They continue contributing during marriage to 401k’s they had before marriage. They pay off student loans with their income earned during marriage. They pay off mortgages during marriage on rental properties they inherited.
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