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Chris T., JD
Chris T., JD, Lawyer
Category: Family Law
Satisfied Customers: 4779
Experience:  I have assisted many customers and clients with their family law questions and I'm experienced in family law litigation.
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Planing to end a 55 year marriage, what are my legal rights

Customer Question

Planing to end a 55 year marriage, what are my legal rights regarding community property
Submitted: 1 year ago.
Category: Family Law
Expert:  Chris T., JD replied 1 year ago.
Hello. I'll be happy to assist you.
California law defines community property as any asset acquired or income earned by a married person while living with a spouse. Separate property is defined as anything acquired by a spouse before the marriage, during the marriage by gift, devise, or bequest, and after the parties separate. The law requires that the community estate be divided equally if there is no written agreement requiring a particular division of property. This means that from the total fair market value of the community assets, the joint obligations of the parties are subtracted, yielding the net community estate. Unless agreed otherwise, each spouse must receive half of the net community estate.
Typical examples of community property include bank accounts, real estate, homes, retirement accounts/pensions, closely held business interests, investments, etc.
The bot***** *****ne is this: anything that's community property will likely be divided up equally.
I hope that answers your question. If not feel free to ask follow up questions. If so, please remember to "Rate" my answer before you go. Good luck.

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