In the State of California, all assets and debts you acquire during a valid marriage is presumed to be community property. When you file for divorce, any property you may own is characterized as either community property or separate property. Any property that can be traced to a separate property source is characterized as separate property.
You can acquire separate property in a number of ways. It can be property you received before the marriage, property you were given, property you inherited, or any property you acquire after separation.
During your divorce, you can agree on a division of the community assets and debts. Should you and your spouse not be able to agree, it can be done by a court which will order an equitable division. Determining and dividing community property assets and debts can have a significant effect on your current lifestyle and future retirement. Take time to carefully determine the value of all community property and your interests.
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