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What is community property in California? What am I entitled to receive in divorce?

Question: What assets am I entitled to receive in divorce?

Answer: The short answer is that each spouse is entitled to receive one-half of the community property.

Community property is all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in California, absent a valid premarital (prenuptial) and/or postmarital (postnuptial) agreement between the spouses.

Please see California Family Code Section 760.

https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FAM&sectionNum=760.

Community property may include: real property (house, condo, land, building, etc.), vehicles (car, motorcycle, boat, plane, etc.), furniture, art, coins, jewelry, antiques, bank accounts, cash, security deposits, pension plans, 401(k) plans, stocks, bonds, life insurance that has cash value, business, royalties, patents, etc.

Community property also includes all the earnings that either spouse earned/saved during the marriage and everything bought with those earnings.

In addition to the earnings and the assets, community property includes all financial obligations/debts (credit cards, promissory notes, loans, etc.) accumulated during the marriage. It does not matter if a credit card was under Wife’s name or under Husband’s name; both spouses are responsible for paying this credit card off.

In California each spouse is entitled for one-half of the community property and is responsible for one-half of the debts.

Separate property of a married person includes:

  1. All property owned by the person before marriage.
  2. All property acquired by the person after marriage by gift, bequest, devise, or descent.
  3. The rents, issues, and profits of the property described above.
  4. All property bought with separate property.

Please see California Family Code Sections 770-772.

https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=FAM&division=4.&title=&part=2.&chapter=2.&article

Separate property is also anything that either spouse acquires after the date of separation, including the earnings and debts.

In California each spouse is entitled for 100% of his/her separate property.

 

DISCLAIMER: This Blog/Web Site is made available by the lawyer/law firm publisher for educational purposes ONLY as well as to give you general information, not to provide specific legal advice. This article should not be taken in any way as legal advice on your specific legal matter.

Please contact me at 619-737-3919 to schedule a 30-minute initial complimentary consultation to discuss your personal situation.

NOTICE: This Blog/Web Site constitutes advertisement materials and is meant for the residents of the State of California only. By using this Blog/Web Site you understand that there is no attorney client relationship between you and the Blog/Web Site publisher. The materials presented in the Blog/Web Site may not reflect the most current legal developments, verdicts or settlements. These materials may be changed, improved, or updated without notice. The Law Office of Maria Rogova is not responsible for any errors or omissions in the content of this Blog/Web Site or for damages arising from the use or performance of this Blog/Web Site under any circumstances.

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About

Ms. Rogova, who is bilingual English-Russian, earned her law degrees from American and Russian universities. She earned her Russian law degree in 2003 and practiced law in Russia for over 7 years. Ms. Rogova has a broad range of legal experience in Russia such as contract litigation, corporate law, arbitration, real estate, and labor law. In addition to her law degree, in 2007 Ms. Rogova earned a Master of Finance degree.

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