The Effect of Title on Community Property Assets in California
Do you know the effect of title on community property assets in California? Many acquisitions during marriage carry a title such as homes, cars, boats, airplanes and bank accounts. It is not unusual for married couples to hold property either in their joint name or in one spouse’s name alone.
The presumption that applies to property titled in one spouse’s name is the general community property presumption that property acquired during marriage is presumed to be community property. This means that title does not control. The reason is that couples put the title in one spouse’s name for reasons others than to determine ownership. Thus, when the title is in one spouse’s name, the title is not determinative of the character of the property.
This is a broad rule and there are exceptions that may apply depending on the circumstances of each case. If you have any question please call us at 818-588-6285.