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What is Community Property in Irvine?

When your marriage has come to an end in California, there are a number of different ways in which property is divided.  You and your spouse may have a prenuptial agreement in place, which determines who receives most marital property and how property should be split up. This agreement can be controlling as long as it is legally valid and was not entered into under fraud and duress. You and your spouse may also negotiate a divorce settlement that divides up property at the time when your marriage ends, if you are able to agree. If a prenup or negotiated settlement are not reached, however, a judge must decide how to split up assets. 7K0A0642

In California, community property rules are used by a judge to divide up money and other items of value at the end of a marriage.  Understanding the meaning of community property in Irvine and knowing how the law works to divide up your assets, is very important as you dissolve your union. A divorce and family law attorney at Brown & Charbonneau, LLP can provide you with the guidance you need in understanding how the law divides up marital assets and can help you to argue for a divorce settlement that leaves you with the money and property you need to move on.

What is Community Property in Irvine?

California Family Code Section 760-761 establishes the definition of community property in Irvine and throughout the state. The law says: “Except as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.”

Under this statute, it is irrelevant whether one spouse buys the property and the other does not have a hand in the purchase. It is irrelevant whether there was a significant earning discrepancy and only one spouse earned money to buy and acquire assets. If a couple is married, virtually all property that is acquired over the course of the time the spouses were married, is considered to be community property in Irvine.

Each spouse is entitled to a 5o-50 share of community property, so each spouse should get assets and money equal to half of the total value of all of the property acquired over the marriage.

There are a few very limited exceptions. Of course, any property that either spouse comes into the marriage with is not considered community property, unless it is co-mingled with marital assets. This means each spouse can leave a divorce with money and other items of value that he or she brought into the marriage.  If either spouse inherits money left only to him or her, this may also be classified as separate property, even if the couple is married at the time.

Brown & Charbonneau, LLP can provide more insight into what is considered community property in Irvine and into what is considered separate property. You should know this information before you agree to any negotiated divorce settlement, as you do not want to give up a claim to what is yours.

For help ending a marriage, negotiating a division of property, or litigating your divorce so you can make strong arguments to keep the property you care most about, contact the Irvine divorce lawyers at Brown & Charbonneau, LLP today.