Community Property & Separate Property

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					  Community Property & Separate Property
In the field of family law, there are certain ideas that are very
important. Central among those is the concept of property division.
When you go through a divorce, there has to be some way to divide
the property. Different states have different laws governing exactly
how property will be divided, but the general guidelines are mostly
the same across the board. For almost every jurisdiction, the single
most important distinction is made between community property
and separate property. This distinction is important because it
decides what will be divided equally among the parties and what
can be protected by savvy attorneys in a divorce proceeding.

What constitutes community property?
Though the specific details of what constitutes community property
will differ according to jurisdiction, it can generally be described as
any assets that were acquired by the parties during the course of the
marriage. This can include any income earned by either party or any
real asset, as well. Examples of things that qualify as community
property are as follows:

* Home purchased during the course of marriage
* Retirement accounts
* Joint bank accounts
* Income accrued during the course of marriage
* Cars
* Jewelry and tangible assets
* Cash holdings
* Tangible and stock-based investments

Community property distinctions are drawn by states on the idea
that all things purchased and earned during the course of a marriage
are the property of both people in that marriage. When a divorce
proceeding takes place, dividing this property can be done in a
number of different ways. It can be done on an item-by-item basis,
and this is usually the most popular way to divide assets. Some
couples choose to liquidate most of their community property if
there are items that both parties want or neither party especially
wants.

Separate property.
Not all property can be called community property, though. In some
jurisdictions, there are provisions that allow for separate property
that does not have to be equitably divided in a divorce proceeding.
The justification for this is that certain property is the full domain of
a single owner and the law does not presume joint ownership in
these instances.

Typically separate property refers to those things that were earned
or purchased prior to the marriage or after a formal divorce. This
means that if people bring savings into a marriage or investment
holdings into a marriage, they typically will not have to divide that
with a spouse during a divorce. Likewise, there are special types of
things that can be gained during a marriage and remain separate
property. Inheritance, for instance, is generally considered separate
property and can be disposed with as the single owner sees fit.
Likewise, gifts are considered separate property under the law of
most states.

It is important to understand that, while these distinctions do exist,
there are agreements that can modify what things fall in what
categories. Likewise, these agreements can govern the division of
property. For those people going through a divorce proceeding, it is
important to contact a reputable attorney who can explain the
process as it relates to your specific situation.


About Rocheleau Law Group
The Rocheleau Law Group has successfully represented numerous
clients in the areas of divorce, child custody, car accidents, personal
injury and civil litigation., The Rocheleau Law Group, located in Las
Vegas, helps clients in the areas of divorce, child custody, car
accidents, personal injury and civil litigation. Visit:
http://www.rocheleaulaw.com/


Contact Us :
Company Name – Rocheleau Law Group
Contact Person - Rock Rocheleau
Address - 725 South Eighth Street, Las Vegas, Nevada (89101) USA
E-mail - rock@rocheleaulaw.com
Phone - 702-914-0400

				
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