10-year note predates marriage - community or separate?

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neverpanic
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Joined: Sun May 10, 2020 12:26 am

10-year note predates marriage - community or separate?

Post by neverpanic » Thu May 28, 2020 4:55 am

CA - Sold a fairly large asset a few years ago and got married subsequent to that sale. There's a 10-year payout. Do those proceeds now belong to the marriage? Or are they still separate?
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.

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CAsage
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Re: 10-year note predates marriage - community or separate?

Post by CAsage » Thu May 28, 2020 1:32 pm

Totally not a lawyer, but all my friends are divorced in CA. :? .... Community Property is generally based on earnings - i.e. the sweat of your brow. If you get a job, income from that is Community. If you have a savings account from before you were married AND DO NOT COMMINGLE IT, then any interest on that is still separate. Of course you would have addressed this in your prenup (as would anyone with a valuable separate property asset...) but if missed it, I think it's separate since it was sale of a separate asset and not labor earnings. What are you doing with the money? If you immediately spend a payment on the "community" or add it to a joint savings account, that payment is now community. If you keep it separate.... I'd be clear about that.
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Topic Author
neverpanic
Posts: 216
Joined: Sun May 10, 2020 12:26 am

Re: 10-year note predates marriage - community or separate?

Post by neverpanic » Sat May 30, 2020 10:56 am

Sounds smart and thanks. Though we maintain separate accounts, anyone looking at my books would have questions about the commingling. I'm probably toast on what's come in already, but will probably open a new account to shield the balance.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.

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