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Community Property in Real Estate

Published Friday, August 1, 2008 by bloggerblognet84084 | E-mail this post

In the sphere of homeownership, a legal divorce can cause a great deal of confusion. The question which hangs heavily over the separation is how to split up all of the joint assets. Some ex-spouses make it very easy by simply handing over everything and making a clean split. However, this is usually not the case, and certain issues can become quite complex. Perhaps the most complicated of these is how to split the home in half. And this question of real estate ownership depends primary on the state in which you live.

Most states use the common law system of property ownership. With this system, if one name is on a deed, title, or registration document, then the property belongs to that spouse without question. On the other hand, if both names are on a document of this kind, then the ex-spouses continue to share ownership in the property even after their divorce. More often then not, one owner will sell his or her share.

In other states, such as California, a system known as community property is used. Community property is anything and everything that a married couple own together. From the beginning of the marriage until the end, all money that is earned and all property that is purchased is considered community property. After the marriage is dissolved, both divorcees have an equal right to all of the property, unless it was purchased prior to the marriage. Likewise, they are both liable for all the debts acquired from the beginning of the marriage until the end. As you can see, under the system of community property, there are many grating issues, which must be monitored and resolved.

After a divorce, many feel disillusioned and vulnerable. However, it is important to be aware of what property is legally yours, or at least partly yours. This may include small assets or even something as large as your home.

For any and all real estate issues, there are websites that can help. The experts at http://www.1californialoan.com have been assisting homeowners with these issues online since 1997.