As a couple goes through a divorce in Ventura, division of property often becomes a very contentious issue. Division of property of the couple is determined by an agreement by the parties, or through litigation, at which a judge will decide how to divide the property.
How property is divided, whether its divided by agreement of the parties, or by the court, is often determined by how the property is characterized.
Separate property, is property acquired by one spouse before marriage. Separate property is also property obtained during marriage that can be traced to a premarital purchase. Moreover, a gift or inheritance acquired by one party during marriage, is considered separate property.
Community property is all property acquired during marriage and before separation, other than by gift or inheritance, is presumed to be community property. Under California law, each spouse owns a one-half interest in any community property.
Income derived from a spouse’s labor, time or skill during marriage and prior to separation is also considered community property. As such, a spouse’s regular earnings during the marriage are considered community property. Earnings acquired during marriage are considered community property, whether or not the earnings were held in a joint account.
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