4.12 - Property Division Summary
Let’s summarize what we have learned about Property Division.
- Property that was bought during the relationship (community and quasi-community property) is divided equally when it ends.
- Property that was bought before the relationship (separate property) is usually not divided.
- Any increase in the value of separate property bought before the relationship is considered separate property.
- Agreements can be made about how property and debts should be divided, but the court must approve and sign the agreement so that it can be enforced.
- Spouses and domestic partners have a fiduciary duty to each other to be open, complete, and accurate in their dealings with each other regarding the family’s assets and debts.
- Division of property can be very complicated – especially when there is conflict in the relationship. It is a good idea to get legal advice before signing property division agreements.