| 2640 Reimbursement |
Entitled 2640 of the California Family Code, this refers to separate money used to purchase a community asset wherein one spouse uses separate savings or inheritance toward the down payment on a house the couple purchases together. The spouse who used separate money for the down payment is entitled to receive the money back. |
| Character |
Every asset and every debt must be characterized as either “separate” or “community”. Community assets and debts are divided in an equal manner. Separate assets and debts are not divided. |
| Commingling |
Commingling is combining separate and community assets or debts. Doing so does not necessarily entitle each spouse to half. |
| Community Debt |
A community debt is a loan taken out during the marriage. The court will normally divide these equally among the parties. |
| Community Asset |
Anything earned during the marriage through time, effort, or skill is community and will be divided equally. |
| Equalization Payment |
Each party must receive half of the community assets and debts. If one spouse is awarded a larger dollar amount in assets, that spouse can pay the other spouse the difference in cash. This is an equalization payment. |
| Post-marital Agreement |
This is an agreementa contract signed by the spouses after they are married and in anticipation of a possible divorce. The agreement attempts to settle any and all future disputes in a divorce. |
| Premarital Agreement |
A premarital agreement is a contract signed by the spouses before they marry. It will generally address how property will be divided, and how much spousal suport will be paid if the parties separate. Usually, a premarital agreement will prevent either spouse from acquiring any interest in the other spouse’s property. |
| Separate Debt |
A separate debt is a loan that was either not incurred during the marriage or is not a joint obligation by law. These include student loans, child support arrearages, and debts acquired after the date of separation. |
| Separate Property |
Anything that is not earned during the marriage through time, effort or skill is separate property, except gifts, inheritance, personal injury settlements, and passive investments made before the marriage. |
| Tracing |
The court will award property according to the California commnity property laws unless a spouse can prove otherwise. In order for a spouse to prove that an asset or debt should be awarded differently, the spouse must prove to the court where the money came from. |
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Temecula Divorce |
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