Divorcing spouses need to make sure they have correct information about the nature of their marital assets when proceeding with their divorce.
It is important to recognize the difference between separate property and community property. The laws vary from state to state so you should consult with a divorce professional in Orange County that has expertise in California law.
Separate property usually includes:
- Property that was owned by either spouse prior to the marriage
- An inheritance received by either spouse, before or after marriage, if not commingled or merged with marital assets
- A gift either spouse receives from a third party
- Money received as the “pain and suffering” part of a personal injury judgment
- Property designated as separate as per a prenuptial/postnuptial agreement.
Property that not included on this list, — assets that the spouses have collected during marriage — are generally considered to be community property.
Divorce settlement negotiations can be complicated. It is good to educate yourself and to seek the advice of an Orange County divorce professional to help you navigate the complex maze of divorce in California.
Orange County Divorce Guide: Find Out More
What is Community Property vs. Separate Property?