What are considered marital assets?

What are considered marital assets?

Marital, or community property, is defined as assets and debt newly acquired during the marriage, either jointly or by one party, other than by a gift or inheritance to one spouse. They also can be inheritances during the marriage to one spouse, including gifts by one spouse to the other. …

What is the difference between community property and marital property?

Marital property refers generally to all of the property acquired by either or both spouses during the marriage. At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property.

What does community property mean in a divorce?

Community property is everything that a husband and wife own together. California, for example, is a community property state. This means both the husband and wife equally own all money earned by either one of them from the beginning of the marriage until the date of separation.

Do you have to do property settlement before divorce?

A property settlement is the formal division of property following a couple separating. You must wait 12 months from the date of separation before you can apply for a divorce. You can formalise your property settlement without applying for a divorce.