Asset Division Isn’t Always 50/50


California is a community property state, meaning that typically the assets acquired during the marriage belong to both parties equally. However, there are exceptions to this rule.

For instance, if an asset was purchased with one party’s income or assets that were earned or acquired before marriage, then the subsequent purchase of property with those assets or funds have a separate property characteristic.

Additionally, property that is acquired during the marriage by gift or inheritance is that person’s separate property.

Finally, the parties can choose to opt out of holding assets as community property altogether by entering into a valid prenuptial agreement.

Please contact the McKinnon Law Firm for a free 30 minute consultation to discuss the particular circumstances in your case.

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