Generally, in community property states, money earned by either spouse during marriage and all property bought with those earnings are considered community property that is owned equally by husband and wife. Likewise, debts incurred during marriage are generally debts of the couple.
Are assets acquired before marriage protected?
A pre-marital asset will be considered to be a contribution of the person who bought that asset into the marriage. There is a principle in law known as the erosion principle, which means that over time the value of the initial contribution reduces and the contribution of the other person increases.
What happens to real estate purchased before marriage?
Generally in California, property acquired by a spouse prior to marriage is considered under the family code as separate property while those acquired after marriage are considered community assets. What ever happens when one spouse purchases real property before marriage but retains it during marriage and uses community funds to pay the mortgage?
Can a marital property be converted into an asset?
The presumption may be rebutted by a showing that the property was commingled for purposes of convenience only and not due to any intent to convert the funds into a marital asset. But the longer separate and marital funds co-exist in the same account, the more difficult that becomes to prove.
What kind of assets do you get when you get married?
1. property acquired before the marriage; 2. property that is inherited; 3. gifts received by one spouse from a third party; 4. compensation for personal injuries sustained by a spouse during marriage (except for the portion of the award that compensates the spouse for loss of earning capacity during the marriage);
Can a spouse own assets apart from the other?
Any income that either spouse makes during the marriage is community income. But there are exceptions that allow spouses to own assets separately from each other. Gifts, inheritances, and assets acquired before the marriage are all considered separate property.
