Couples filing for divorce in California often forget some assets which may qualify for classification as community property. If so, both couples will have an interest in that property.
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Community Property Asset
A community property asset includes the money earned by either spouse during marriage and all property bought with those earnings. Any community property asset are owned equally by husband and wife. Likewise, community property debts incurred during marriage are generally debts of the couple. There are many Community property assets often overlooked or not considered during divorce.
Family Pets
In California pets are considered personal property. The family pet will be given to one spouse while the other will receive money compensation for half the value.
Family Photos
All photos taken during a California marriage are community property. One spouse will receive copies while the other will retain the originals. Your personal photos would most likely be considered your separate property.
Lottery Tickets
A ticket purchased during a your marriage is considered community property asset and subject to an equal division between spouses. Each spouse would receive one-half of the lottery winnings and the tax liability.
Life Insurance Policies
A life insurance policy which has a cash value is typically referred to as whole life or universal life insurance policies is a community property asset. Each spouse would receive one-half the value of any policy.
Airline and Credit Card Rewards
Reward points accrued during the marriage is a community property and subject to division in the divorce. Each spouse would receive one-half the value or half or the points.
Cemetery Plots
Very often a valuable piece of real estate. The spouses will need an agreement to determine who has burial rights.
Capital Loss Carryover
A loss that exceeds the allowable deduction in a single year and which can be carried over to future years to reduce tax liabilities is a community property asset. The spouses will have to agree on who is to take the loss and compensation for the spouse who does not get the loss.
Retained Earnings
Corporate earnings which were retained from a period prior to separation is a community property asset that should be divided.
Accounts Receivable
Money owed to the community by another party is to be divided between the spouses. Alternately, one spouse can get a credit for payments made solely to the other spouse.
Trademarks, Copyrights, and Patents
An community property asset that may increase in value over time and the value of which should be addressed at divorce.
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For more information on community property, click on one of the following links:
Quit Claim Deeds Transmuting Property
How to Start Your California Divorce
