Under California law, there are two types of property: community property and separate property. When a couples files for divorce, they must divide and allocate all jointly held property, also called community property, unless they agree otherwise. A property settlement refers to a written contract between the divorcing spouses that lists and divides all of the couple’s community property and financial obligations. Unless there is a written agreement to the contrary, all community property must be equally divided and distributed between the spouses, regardless of whose name is on the deed, title, or property.
Community Property
Community property refers to any property, assets, or debt that is acquired during the marriage. Common types of community property include real estate, business ventures, time shares, stocks, pensions, 401k, bank accounts, jewelry, retirement funds, bonds, mutual funds, cars, monetary interest, and other asset that are frequently overlooked, such as tax refunds, season tickets, frequent flyer miles, club memberships, etc.
Separate Property
In California, separate property is not subject to distribution and allocation. The spouse that acquired the property or asset gets to keep it. Separate property refers to any property that was acquired before the marriage began and/or after the marriage ended. Common types of separate property include inheritances, punitive damages, gifts from third parties, student loans, and other debts, earnings, pensions, or profits acquired before or after the marriage.
Pasadena Property Settlements Attorney
If you are considering filing for divorce, or if you are currently going through the property settlement process, it is to your benefit to consult with a skilled Pasadena divorce attorney. The Law Offices of Donald P. Schweitzer has successfully represented countless clients with legal matters involving divorce, child custody, child support, and spousal support. Our experienced legal team is compassionate, dedicated, and resourceful. When we work on our client’s property settlement cases, we do everything possible to ensure that their legal matter is handled efficiently and correctly. At the Law Offices of Donald P. Schweitzer, we strive to protect our clients’ rights and fulfill their wishes.
Contact our Pasadena Pre and Post Nuptial Agreement Attorneys today!