Community Property v. Separate Property
When people face a divorce, they are often clueless as to what they get to rightfully keep as their own separate property and what belongs to the “community.”
A simple definition of what is separate and what belongs to the couple equally is as follows:
“All assets and debts acquired prior to the date of marriage or after the date of separation is the separate property of the acquiring party.”
Now…what is the “date of separation?” 🙂
The date of separation is the date that you and your spouse have separated, from an objective point of view…i.e., would a 3rd party look at you two and think you are separated? If not, than you have not hit your date of separation yet.