In divorces, community property is often a hot topic. Understanding what constitutes community property and how it is handled can significantly impact your financial future. In this vlog, we unpack what community properties are and where they fall in divorces.

What is Community Property?

At its core, community property refers to assets or debts acquired during a marriage. This includes earnings, debts, real estate, vehicles, and any other assets acquired while married. The key distinction is that these assets are considered jointly owned by both spouses, regardless of who earned the income or whose name is on the title.

However, there are exceptions. Inheritances and gifts specifically made to one spouse are considered separate property and are not subject to division in a divorce—as long as they are kept separate. Once these assets are commingled with community property, they can lose their individual status.

Division of Community Property

In the event of a divorce, community property is typically divided equally between the spouses. This means that each spouse is entitled to half of the value of the community property acquired during the marriage.

It’s crucial to note that the date of separation is significant in determining what constitutes community property. Any assets acquired after this date are usually considered separate property and are not subject to division.

Protecting Your Assets

To maintain the separate status of an inheritance, gift, or other separate property, it’s imperative to keep these assets in an individual account. Commingling these assets with community property can jeopardize their separate status and make them subject to division in a divorce.

Seeking Legal Counsel

Dealing with community property laws can be daunting, especially during emotionally charged times like divorce. Seeking the guidance of a qualified family law attorney can help you understand your rights and options regarding property division.

JWB Family Law specializes in family law matters, including divorce and property division. If you have questions or need assistance with your case, don’t hesitate to reach out. Book a free consultation with us today by calling (619) 234-6123 or visiting our website at https://jwbfamilylaw.com/.

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