Divorce not only terminates the legal relationship between two spouses, but also requires that any property between the two now be divided. Therefore, it is very important to know the difference between separate property and community property.
In California, separate property is any property that was owned or acquired before and after marriage, and includes any property that was inherited and/ or gift. Community property is any property that was acquired during marriage. Many times a person can “commingle” their separate property with community property.
This is one of the most complex issues in family law that requires an experienced and competent attorney. If you and your spouse have enjoyed a very comfortable lifestyle and own a signifcant amount of assets, you’ll want to make sure that the property you own is properly valued to ensure a fair division.
If you and/or your spouse are small business owners, more than likely you will want a careful valuation of your business completed by a professional who knows how to conduct those calculations.
We can help you properly establish the difference between separate and community property.