Community Property & Separate Property

In the field of family law, there are certain ideas that are very important. Central among those is the concept of property division. When you go through a divorce, there has to be some way to divide the property. Different states have different laws governing exactly how property will be divided, but the general guidelines are mostly the same across the board. For almost every jurisdiction, the single most important distinction is made between community property and separate property. This distinction is important because it decides what will be divided equally among the parties and what can be protected by savvy attorneys in a divorce proceeding.



What constitutes community property?

Though the specific details of what constitutes community property will differ according to jurisdiction, it can generally be described as any assets that were acquired by the parties during the course of the marriage. This can include any income earned by either party or any real asset, as well. Examples of things that qualify as community property are as follows:



* Home purchased during the course of marriage

* Retirement accounts

* Joint bank accounts

* Income accrued during the course of marriage

* Cars

* Jewelry and tangible assets

* Cash holdings

* Tangible and stock-based investments



Community property distinctions are drawn by states on the idea that all things purchased and earned during the course of a marriage are the property of both people in that marriage. When a divorce proceeding takes place, dividing this property can be done in a number of different ways. It can be done on an item-by-item basis, and this is usually the most popular way to divide assets. Some couples choose to liquidate most of their community property if there are items that both parties want or neither party especially wants.



Separate property.

Not all property can be called community property, though. In some jurisdictions, there are provisions that allow for separate property that does not have to be equitably divided in a divorce proceeding. The justification for this is that certain property is the full domain of a single owner and the law does not presume joint ownership in these instances.



Typically separate property refers to those things that were earned or purchased prior to the marriage or after a formal divorce. This means that if people bring savings into a marriage or investment holdings into a marriage, they typically will not have to divide that with a spouse during a divorce. Likewise, there are special types of things that can be gained during a marriage and remain separate property. Inheritance, for instance, is generally considered separate property and can be disposed with as the single owner sees fit. Likewise, gifts are considered separate property under the law of most states.



It is important to understand that, while these distinctions do exist, there are agreements that can modify what things fall in what categories. Likewise, these agreements can govern the division of property. For those people going through a divorce proceeding, it is important to contact a reputable attorney who can explain the process as it relates to your specific situation.



With extensive experience in all aspects of divorce, family law, accident, and injury law, the Rocheleau Law Group has aggressively and successfully represented numerous clients in Las Vegas. For more information on our services, please visit our website at www.rocheleaulaw.com or contact us at 702-914-0000.