Explained by an Experienced Los Angeles Divorce Lawyer
California is one of nine states, and maybe the most well-known, that abide by community property laws regarding marriage. Community property laws add an extra layer of stress, confusion, and complexity when going through a divorce. Community property laws are complex, and trying to figure it out on your own may leave you in a vulnerable position. When going through a divorce it is best to retain counsel to help you navigate the specifics of community property laws.
Whether you have millions of dollars in your marital estate, or a few hundred thousand, every dollar and asset matter. Eric J. Proos has worked on community property disputes ranging in the hundreds of millions of dollars. His background on these cases has provided him with invaluable experience that he uses to represent his own clients.
The Law Office of Eric J. Proos, P.C. is ready to help you through the complexities of community property.
What is Community Property
To completely understand community property, lets first discuss separate property. Separate property is any property, wages, retirement, or other asset you may have accumulated before you were married. Community property is any and all property that you and your spouse accumulated while you were married. Everything that you and your spouse accumulated from the date of the marriage until you separated is split 50/50 according to community property laws.
Community property is very broad and it includes the following:
All income received by either you or your spouse during the course of the marriage is community property;
All real property that you or your spouse acquired during the marriage is community property;
All debts incurred during the course of the marriage is community property;
Anything that you and your spouse acquired with community funds, i.e. your salary, interest on bank statements, stocks, will be considered community property.
As you can see community property is quite extensive and complicated. If you have been married for a long time, then chances are most of the property you own is community property. Yes, even businesses can be deemed community property.
There are exceptions to the community property rule. A few of the exceptions to community property are gifts and inheritances. Children and community property are the center of most disputes during the divorce process.
Call The Law Office of Eric J. Proos, P.C., today to schedule your free consultation to discuss your concerns about community property.