Why is it important to know the difference between community property and separate property?
It is important to know what community property the spouses have because in a dissolution case the court is required by law to divide the community property in a fair (not necessarily equal) way. You must be able to show the court adequate proof of what you are claiming as your separate property, as the court must decide which property is separate property belonging to each spouse. If a retirement plan is involved, the court may have to sign a special order (a “Qualified Domestic Relations Order”) so the company that keeps the retirement account can divide the money/benefits acquired during the marriage properly between the spouses.
Related Questions
- Would it be better for the two LLCs to form the partnership, or just have them create a separate partnership when they work on the joint property venture?
- When is it necessary to file a separate and distinct action for recovery of ownership or possession of property?
- Do property owners receive a separate bill for water or road maintenance?
