The Importance of the Date of Separation
The date of separation in a California divorce can significantly impact your financial future. It might seem like a small detail, but in reality, it is a crucial marker that can affect how your assets and debts are divided.
California is a community property state, which generally means that both individuals in the marriage will be entitled to an equal division of all property, income, assets, and debts acquired during the marriage — from the date of marriage to the date of separation. However, there are specific exceptions to this rule, which we will not go in depth here, but an experienced divorce attorney can help you to understand exactly how the law will apply in your situation.
The date of separation marks the end of the community property as far as accumulation of marital property goes. Anything earned or acquired after this date – whether it is a new car, a pile of credit card debt, or even a winning lottery ticket – is generally considered the separate property of the person who acquired it, rather than something to be split in a divorce.
While the difference between any given Monday or Tuesday of a week may be totally inconsequential, imagine the following scenario: On Monday, your spouse wins the lottery, but the divorce papers are filed on Tuesday, and Tuesday is recognized as the official date of separation. Suddenly, that Monday lottery win becomes a marital asset, potentially entitling you to half of those winnings. If you flip the situation around: say the date of separation is Monday, and you won the lottery on Tuesday, your spouse might not have any claim to those winnings, since they were acquired after the date of separation. However, there may still be arguments about whether the lottery ticket was purchased during marriage with marital funds, but this highlights how small details can turn into big disputes over money.
The date of separation could be the difference between a major windfall and a significant financial loss. Understanding this issue, and how it applies to your case, could be crucial in protecting your interests during a divorce.
Contact Cardwell, Steigerwald Young
The experienced San Francisco divorce lawyers at Cardwell, Steigerwald Young can help you analyze the facts of your case and strategize your best path moving forward. Contact our office today for help in your own divorce or property division case.
