Articles Tagged with community property

underwood-guide-dividing-property-appreciation-300x300Dividing property following divorce or dissolution proceedings can be complicated under family law principles. If the property has appreciated in value, this can make dividing it more contentious and complicated. 

Under family law, a married couple’s earnings received during marriage are considered community property and are divided evenly at divorce. (Cal. Fam. Code § 770-772.) Property that is held in joint title by the spouses is usually considered community property and will be divided as such, meaning 50/50. (Cal. Fam. Code § 2581.) Property can also be converted to joint title if one spouse held it separately before the marriage. This presumption that the property is community property applies absent a written agreement otherwise. Couples can also execute an Aufmuth agreement which essentially states the spouse contributing separately gets a pro rata share in the increased equity of the property or asset. (Cal. Fam. Code § 852.) This ensures the spouse does not just get a flat reimbursement of the amount they paid.

How is Community and Separate Property Divided?

underwoodblogtenancy-300x300Generally, married couples who buy homes in California are afforded certain rights and protections under California law. These rights and protections do not necessarily apply to unmarried couples who own property as tenants-in-common. Unmarried couples can still take further steps to protect their property rights.

Differences Between Married Couples and Tenants-In-Common

Married couples in California who own property together have some ownership differences from normal tenants-in-common. The main benefit that married couples have over tenants-in-common is the right of survivorship. 

Underwood-Blog-Images-3-1-300x300The deed to a property is the most important document a property owner has. It describes the title and its associated rights while operating as the conveyance of property itself. But not all deeds are the same, especially when marriage enters the equation.

Marital deeds carry with them their own rules, rights, and duties requiring in-depth knowledge of family law and community property. And while spouses can choose to acquire property through a regular grant deed, more often than not, that isn’t the case. Understanding the differences between the two is of crucial importance for estate planning, and in these situations, having an experienced real estate attorney at your side can make all the difference. The Underwood Law Firm encounters both types of deeds with frequency and has the familiarity and skill to help title holders understand their rights.

What is a deed?

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