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What is Property?

Property can include many things. It is real estate such as a house or a condo. But is also includes cars, boats, trailers, pensions, 401k accounts, IRA’s, bank accounts, household furnishings and appliances, and jewelry. It also includes debt such as credit cards, mortgages, car loans, medical bills or back taxes.

Community property is everything acquired during the marriage – from the date of marriage to the date of separation. Community property must be divided evenly between the parties, unless the parties agree in writing to unequal division.

Separate property is everything either spouse acquired prior to the marriage or after separation. It generally belongs to the spouse who acquired it in his or her name. Gifts and inheritances are usually considered separate property, even if they were acquired during the marriage.

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