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Articles on Community Property
Business Owners and Divorce
Business owners who find themselves going through a divorce or separation are often suprised to find that, on top of all the other things with which they have to deal, their very business may be at stake - even at risk - and may become the subject of legal proceedings. This may be true even if you owned the business prior to the marriage, and your spouse never assisted you with, or indeed showed any interest in, your business.
Sep 3, 2004, 20:11
Is His 401k Community Property?
My husband and I have been married for 21 years. We live in California, and I am considering a divorce. Is his 401K considered community property? What about our seperate IRA accounts?
California is indeed a community property state. Generally speaking, anything acquired during the marriage is considered to be community property, while anything acquired before the marriage, or following separation or death, is considered to be the separate property of the spouse acquiring it.
Community property is typically divided equally between spouses upon divorce or death, and after any offsets such as community debt. Even though your IRA accounts may be kept separate...
Jul 8, 2004, 23:23
A Brief Explanation of "Community Property"
There are at least two types of state schemes for the division of marital property at the time of divorce or death. One of these types is called "equitable distribution", by which the Court is supposed to look at the whole picture of the family's assets, debts, and resources, and determine what the most equitable division of each, or the total taken as a whole, would be. Another type of distribution scheme is that of "community property", such as you have in California and other states.
Jul 5, 2004, 01:08
