What Is Community Property?

California law defines community property as any asset acquired or income earned by a married person while living with his or her spouse. Separate property is defined as anything acquired by a spouse before the marriage, or during the marriage by gift, devise or bequest. The law requires that the community estate be divided equally if there is no written agreement to the contrary. This means that from the total fair market value of the community assets, the joint obligations of the parties are subtracted, yielding the net community estate. Unless agreed otherwise, each spouse must receive 1/2 of the net community estate.

Speak to an Experienced Family Law Attorney Today

This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified family lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.

Your Next Step:

Enter your location below to get connected with a qualified Family Law attorney today.

Additional Family Law Articles