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DISSOLUTION OF MARRIAGE What is
Community Property? How is it Different
from Separate Property? WHAT IS COMMUNITY PROPERTY? HOW IS IT DIFFERENT FROM SEPARATE PROPERTY?California is a community property state.
Under our system of law, a marriage is
viewed generally as a partnership where
both husband and wife have equally ownership
of all assets acquired during the marriage.
Typical assets include a home, furniture,
automobile, boat, stocks and bonds, retirement
benefits, bank accounts, and the like.
Likewise, obligations incurred during
the marriage are community debts and husband
and wife are equally responsible for their
repayment. Separate property is that which
is owned entirely by one spouse. The other
spouse has no ownership interest in it
whatsoever. Separate property is property
acquired before marriage which is still
in the possession of either husband or
wife during the marriage and has not been
commingled. Separate property may also
be acquired during the marriage by way
of gift. A typical example is either husband
or wife may give the other jewelry for
an important occasion. This gift will
be the separate property of the acquiring
spouse. If you receive an inheritance
during your marriage, it is your separate
property. When a couple separates and
decides to dissolve its marriage it is
the duty of the court to determine the
value of all community property and divide
it equally. HOW WILL OUR PROPERTY BE DIVIDED? MUST WE GO TO TRIAL?California Law requires that the courts
divide equally all community property
and confirm any separate property to its
owner. The court has considerable discretion
in determining how to divide your community
property in order to assure that a fair
result is reached. It is not necessary
that each asset be divided precisely,
something rarely possible. All that is
required is substantial mathematical equality.
Usually assets are valued assets of the
date of trial. In certain instances, such
as with pension benefits in which payment
will not be realized until retirement,
the court may order distribution of the
asset at a future date. Nothing prevents
you and your spouse from entering into
an agreement dividing your property. Settlement
agreements are favored by the court and
your agreement will be approved if it
is fair and reasonable. WILL SPOUSAL SUPPORT BE PAID? IF SO, HOW MUCH?Marriage is a contract between your and your spouse in which the law imposes obligation of mutual respect, fidelity, and support. The obligation of support may continue after the marriage is dissolved based upon the needs and earnings of the parties. While your case is proceeding through the legal system the court has authority to award temporary support to a spouse in need. The purpose of temporary support is to maintain the status quo until the conclusion of your case. When your case is concluded the court may award permanent support. The amount and duration of an award of permanent support is based upon many factors. You should consult an attorney to tell you what they are. Generally spousal support is tax deductible by the paying spouse and the supported spouse must pay income tax on the amount received. Support orders are modifiable upon a showing of a change in circumstances. There may be a presumption of decreased need if the supported spouse cohabits with a person of the opposite sex.
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