For example, if you bought a car with money that you saved on your paycheck every month and earned that money during the marriage/partnership, the car belongs to both you and your spouse or life partner, even if you paid for it yourself. This is because the savings you have from your paycheck are community goods, as you earned that money during the marriage/partnership. Can a separation agreement contain decisions on custody and child support? Matrimonial propertyThis category includes all income, assets, real estate and debts that you have accumulated during the marriage. Matrimonial property can include salaries, pension funds, investment accounts, real estate, personal property, mortgages, car loans and credit card bills. If you are thinking about your marriage and you have concerns about the distribution of your property between the two of you. It is recommended that you consult an experienced family law lawyer to resolve these issues before they become more complicated for you. Community property also includes any income earned by either spouse or partner (or both) during the marriage, and anything purchased with that income. You can usually determine if the property belongs to the community by looking at the source of the money with which it was purchased. If the purchase money was earned during the marriage, the assets belong to the community. Matrimonial property is generally classified according to state law. As a general rule, matrimonial property includes property acquired during marriage by matrimonial means, regardless of the name on the title deed. Matrimonial property rights generally depend on the laws of the state. Separate property is also anything you acquire after the separation date, including the money you earn.

This is 1 of the reasons why the separation date is so important. It can determine whether certain properties or debts are community property or separate property. If you are considering entering into a separation agreement, it is in your best interest to seek advice from an experienced attorney before signing anything related to property issues. Often, this can get complicated because a couple didn`t do any research and had unrealistic expectations about how their property would be distributed. In California, each spouse or partner owns half of the community`s property. And each spouse or partner is responsible for half of the debt. Community assets and debts are usually divided equally. When a couple divorces, they often go through the process of sharing wealth (furniture, cars, loyalty miles) and debt (mortgages, credit cards, etc.). The following form is an example of what a settling agreement between departing spouses might look like. In the case of an uncontested divorce, the court almost always approves the agreement of the parties if it is generally fair and the court is satisfied that the agreement was reached by both spouses without fraud or coercion. Often, the court wants to review the financial affidavits attached to the agreement to determine their fairness.

Marriage contracts can be concluded before (marriage) or during a marriage (postnuptial). In a marriage contract, you and your spouse determine which property is matrimonial and which is separated. This can simplify your property division process if you divorce. There are a few basics you should usually know about what happens to your property once you and your ex-spouse decide to separate. The courts divide your property into one of two basic systems: community ownership or equitable distribution. The main difference between community ownership and equitable distribution is that in states of communal ownership there is an absolute division of 50-50 of all property acquired during marriage. However, in a state of equitable distribution, more assets may be considered “matrimonial property,” but the distribution is not necessarily 50 to 50. Unlike other states, North Carolina only allows a divorce through no fault of your own, which requires at least one year of separation. In a “state of equitable distribution,” the court allocates matrimonial property “equitably.” The court generally takes into account the duration of the marriage, age, health, conduct of the parties, profession, skills and employment of the parties. Equitable distribution does not mean equal division, and property is rarely divided evenly. The court orders a roughly equal division of assets and liabilities if: A married couple can enter into a property settlement agreement as part of a separation or legal agreement prior to the conclusion of their divorce.

The agreement may contain specific agreements relating to property issues that may arise after legal separation. As a general rule, the parties are required to provide each other with financial information in order to be able to make informed and reasoned decisions. In this section, you`ll find some basic information about California law regarding what happens to property and debts when spouses or life partners end their relationship. A “simple divorce” is an informal term for absolute divorce in cases where the person filing the file only wants to divorce and is not asking for anything else like division of property or spousal support. Note that the court does not consider child support payments when dividing matrimonial property. California is a community-owned state. This means that a marriage or the registration of a domestic partnership turns 2 people into 1 legal “community”. The property that the couple acquires during the marriage/partnership is therefore “common property”.

And the debts that the couple acquires during the marriage/partnership are also part of the “community debts”. It is important to remember that the division of property does not entail physical division. A family court may award each spouse a percentage of the total value of the property. In this case, each spouse receives personal property, assets and debts, the value of which is added to an allocated percentage. It is crucial that each spouse does not hide his property to protect it from the division of property. It is important to note that separate property can be converted into matrimonial property if you mix it, that is, if you mix it with matrimonial property. For example, if you use an inheritance to buy a property as a joint title, it can become matrimonial property. If your spouse tries to claim some of your separate property, you should contact a lawyer immediately. The division of matrimonial property is not an easy task, especially when it comes to emotional connections, not to mention the fact that the question of who actually owns what is not always clear. Before signing a property agreement, it is important to understand your matrimonial property rights. For more information, see the following additional resources.

This does not mean that you have to go before a judge to decide these issues. Often, couples are able to divide their property (and debts) by agreement. But if you divorce, the judge must sign this agreement. Until this happens, the goods you received during the marriage or domestic partnership belong to you 2, no matter who uses them or who has control over them. The same goes for debt. If you divide them between you without a court order (or without a judge signing your agreement), the debts still belong to you 2 and you are both responsible for them, even if you divide them informally. Quasi-community property is any type of property acquired by one or both spouses or life partners if they lived in another state that, if acquired while living in California, would have been considered community property. In other words, if you or your spouse or partner lived outside of California during your marriage or partnership and you had income, purchased real estate, or acquired any other type of property that would be community property in California, that property is called quasi-community property.

And in the event of divorce or legal separation in California, it is treated as a common good. The ownership and debt part of a divorce or legal separation is often so complicated and the cost of a mistake is so high that you should talk to a lawyer before filing your papers, especially if you have something valuable (or if you have a large debt). Keep in mind that you may not need to hire a lawyer to handle your entire divorce or legal separation, but only the property and debt portion of your case. As we have seen above, some states are states belonging to the community that consider all assets and income accumulated during marriage as matrimonial property. .