Property Division California.
We have started to do state to sate information a bit on property division in a divorce. Yesterday we talked about a state and equitable distribution in a divorce, New York. California is a community property state and that means everything is split right down the middle in the divorce. Everything gained in the divorce is now taken and split as perfect to 5050 as they can get it. Where equitable laws for property division take a look at what is pretty much going on in the spouses lives, a community property state just separates the property in a divorce. There is good things to both separations. One I think spouses when things are split in half in a divorce some what feel better. The ones with the equitable some how walk away with things a little more placed for their lives, but may not have got what they wanted in the divorce. But lets take a look at what is considered not to be community property in California.
1. Things you had before the marriage, is not considered to be community property in a divorce, although some spouses have been known to trade things a spouse may like in a divorce to get rid of a certain debt.
2. Now if you have a investment before you were married that brings in a separate income, this is not considered to be a community property, but here is the tricky part. If the money has been commingled in a joint account and not been kept in a separate account then unfortunate half the money can be taken in the divorce.
3. Money gained from inheritance. Now is not usually considered to be a community property, but again the tricky part comes that if the inheritance has been commingled with marital property, is now considered half to be taken in the divorce.
It is why i tell people to keep things separate, no we never want to look at a marriage and think it is going to end in divorce, but for future, even on a business level, things such as business and inheritance anyhow should be kept in a separate account.