What is community property? What is sole and separate property?
Community property is essentially any asset acquired with community funds or for a community purpose, or any separate property converted to community property. If an asset is acquired during the marriage, the legal assumption is that it is community. Exceptions to this include gifts, inheritance, and interest on, or any increase in value in, separate assets. Sole and separate property belongs to the party acquiring it. This includes property that was owned prior to marriage and that has not subsequently been gifted to the community. For example, separate real property conveyed by one spouse to both is presumed to be gifted to the community. However, a sole and separate bank account entitled in both spouses names is not so presumed.
