In California, property division is based on the concept of “community property.” This means that property or income acquired during a marriage or domestic partnership (except for gifts or inheritances) are owned jointly by both spouses and is divided upon divorce, death or annulment.
What’s yours is mine, and what’s mine is mine.
A humorous way of saying, “Everything belongs to me.” I know you won’t mind lending me your radio. After all, what’s yours is mine, and what’s mine is mine.
California Community Property Division
What Is “Property” In California?
Community property is everything a both partners own together. This typically includes all money earned, debts incurred and property acquired during the marriage or domestic partnership.
Property is anything that can be bought or sold, such as:
- A residence
Property is also anything that has value, like:
- Bank accounts and cash
- Security deposits on apartments
- Pension plans
- 401(k) plans
- Life insurance that has cash value
- A business
- A patent
Your prenuptial agreement may include parameters about dividing your property in the event of divorce. It will be important to determine whether it is enforceable. Family law attorney Robert Gigliotti can help you find out what effect it will have on your property division.