An Overview of Marital Property
When couples go through a divorce in California, they can expect to navigate the complicated yet vital process of dividing their marital assets. As we’ve explained in earlier posts, California is a community property state. This means that each party is entitled to half of all marital property and assets (along with debts).
For this post, we want to spend some time defining what falls under the umbrella term of marital property and assets. Those who are going through a divorce, or who plan to seek one in the near future, should know the ins and outs of marital property laws in CA to ensure that they receive everything they are entitled to.
What is Considered Marital Property in CA?
In general, marital property constitutes any income or assets that are acquired during the length of the marriage. This can include a large range of items, including but not limited to:
- Real estate
- Valuables such as antiques and collectible items
- Cars, furniture, and other household items
- Tax refunds
- Memberships to recreational clubs such as golf clubs and other exclusive organizations
- Lottery winnings
- Life insurance policies/benefits, 401k plans, and stock options
- Gifts given/received from either party
- Income or assets owed to either party by a third party
California also recognizes separate property, which is pretty much anything acquired by either party before the marriage took place. This includes homes, cars, savings, and almost every other type of asset. Be aware that inheritance plans are almost always regarded as separate property regardless of circumstances.
Want to Learn More About Divorce & Family Law in California?
It goes without saying, but this post should only serve as a quick overview of a complex legal topic. If you want more in-depth answers, and to speak to a divorce attorney who can cater the discussion to your specific needs, know that you can count on us at Rubin & Levavi, P.C.
Don’t hesitate to call at your earliest convenience, as we offer free initial consultations with one of our seasoned California divorce attorneys.