Issues concerning division of community property can arise in a divorce case, or after the death of a spouse. In the case of divorce or death, spouses are left with the task of splitting up property and assets that were acquired during the marriage.
What is Community Property?
Any property acquired during the marriage belongs to both spouses. Community property refers to all property acquired during marriage by the efforts and skills of either or both spouses. Any property which is not Community property, is referred to as Separate property, which is owned by only one spouse.
Community property laws are in place in most states to govern the division of community property. Examples of community property may include earnings of the spouses during the marriage, any home or furniture purchased during the marriage, interest income earned by business investments and operations during marriage, as well as any mortgages and the family home.
A property may be defined as “partial” or “quasi” community property by the Court. These are properties which were initially defined as separate, but during the course of the marriage, they became marital property because of co-mingling.
Factors that determine Division of Community Property
A number of factors may be determined by the court in order to divide any property that is acquired during the marriage. These include:
Depending on these factors, community property may not be divided 50/50. The court will then look at other factors to come up with a disproportionate division of community property such as:
Dividing Community Property
In most community property states, the community property has to be divided equally among the spouses. This means that the distribution of assets has to be equal or nearly equal, after determining the total value of the community property.
Most community property states allow the court to make an equitable division of community property, so that property is distributed fairly between both spouses. The factors listed above determine how the community property is to be divided in a divorce.
Get Legal Help
Getting legal help is important if you are going through a divorce. An attorney will explain to you what happens to marital or separate property in a divorce case. Contact the Cantor divorce lawyers at (602) 254-8880 for a Free Initial Consultation and learn about the laws that apply to your specific situation.
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