"But I bought the car… Isn't it technically mine, even after the divorce?" We often get frantic calls with pressing questions like this from those facing impending divorces. The future of your property and assets is understandably a big deal and we do everything we can to honestly assuage your concerns over the things you've worked so hard for.
In light of this, the words 'community property' often send divorcees into a spiral of despair. Splitting everything equally doesn't often appeal to individuals on the brink of marital separation.
If you find yourself in a similar boat, all is not lost. Keep reading to learn what you can expect to happen to your property after the divorce is final.
Understanding Community Property & Separate Property
Of utmost importance is the fact that the court does not have to divide your property for you. If you and your spouse can cooperate, you can work together to determine the final say-so of your property and finances.
Next, there are essentially three pieces to the property puzzle – determining if it marital or separate, settling on a value for all marital property, and finally, actually dividing the property.
Anything one spouse acquired during the marriage as a gift or inheritance is considered separate property and is not divided during a divorce. Everything else is fair game, even debt. Rather than allocating out every individual piece of property, division of property is handled by the overall value of what is at hand.
Community property is all of the following:
- Money earned by either spouse during the marriage
- Things bought with that money during the marriage
- Separate property that is not easily identified as such
Separate property includes anything listed below:
- Property owned by one spouse before the marriage
- Property that just one spouse received as a gift
- Property that just one spouse received as an inheritance
Property ownership and division is one of the most complex areas of a divorce and without an attorney, you may walk away with far less than you actually deserve. Enlist the help of our firm to achieve a favorable outcome, with or without the involvement of the court.
Call one of our Roseville divorce attorneys today to schedule your free consultation!