Filing for divorce can be an overwhelming process. Not only are there a myriad of emotions involved when separating from a spouse, but you have to overcome the difficult task of dividing marital property. You may become attached to property that you have accumulated during the marriage. California is a community property state, meaning all marital property is divided equally in half. Yet, it is important to know what is considered marital property so that you can ensure you receive everything you are entitled to in the divorce settlement.
What you may not know is that marital property includes more than your family home, vehicles and furniture. The following may also be considered marital property:
- Expensive collections, such as coins, antiques, wine, cars, art and horses
- Retirement plans, 401k plans and term life insurance policies
- Country club and golf course memberships
- Travel reward points
- Gifts given to one another during the marriage
- Intellectual property, such as trademarks, copyrights, patents and royalties
Income tax refunds and lottery ticket winnings are also considered marital property. If you or your spouse loaned money to a third-party during the course of the marriage, each party is entitled to half of that money once it is repaid. This holds true even if the money is repaid after the divorce is finalized. Both parties must disclose all property to the court when going through divorce proceedings. Any attempt to hide property may prove detrimental to the case later on down the road.
This information is intended to educate and should not be taken as legal advice.