• Community property is property acquired during the marriage.
• Separate property is property acquired before or after the marriage, or during the marriage by gift or inheritance.
• Quasi community property is property acquired during the marriage in another state or country that would have been treated as community property if it would have been acquired in California.
• Mixed property is property that has both community property and separate property interests. If separate property funds are used as a down payment on a marital residence, the marital residence is mixed property.
You are going to need to identify, characterize, and determine the value of all of your community property, and anything that you believe is your separate property, before you can talk about who gets what.
Identify: Create a comprehensive list of all assets, obligations, liabilities, and debts.
Characterize: Is it community property or separate property?
Valuation: How much is it worth?
Allocation & Apportionment: Who gets what and how do you divide everything?
Not all assets are worth what they appear to be worth. Hidden tax liabilities can make an apparently valuable asset worthless. It is a good idea to consult with a Certified Divorce Financial Analyst before dividing or trading assets and debts. Tax returns are a good starting point for identifying financial accounts. For a list of assets and debts that will need to be analyzed, click here.