Married couples and domestic partners are subject to California’s community property laws in the event that the relationship is dissolved. Essentially, these laws provide for equitable division of property.
Oakland Attorneys, Assisting With Division of Marital Property
Community property includes all assets acquired by spouses during marriage while domiciled in California, except for inheritances and gifts made to only one spouse. (Family Code Section 760.)
Separate property acquired before marriage is separate property. Assets acquired through inheritances or gifts to only one spouse are also considered separate property. (Family Code Section 770.) However, it is possible that an increase in value such as accrued interest on separate property and/or gifts and inheritances during the marriage may be considered community property subject to division.
Estate Planning Complications Due to Community Property
The courts tend to favor community property over separate property, and there are several ways that separate property can be determined to be all or part community property.
For this reason, it is important to seek advice from experienced attorneys to avoid potential difficulties with allocation of specific assets to beneficiaries.
The Evans Law Firm Assists With Protecting Separate Property in Divorce
For questions about what is separate property and what is marital property, please call 415-441-8669 or contact us online via e-mail to schedule a free initial consultation. Our lawyers serve clients in Oakland and other communities throughout the Bay Area and Southern California.