Q: Is an IRA or 401K considered Community Property or Seperate Property in a Living Trust?
A: It depends on when you earned the money in the 401K and IRA. If you earned the money while you were married, it's community property. If you earned the money before you were married or after a separation or divorce, it's separate property. If you can trace how much was contributed during marriage and how much was contributed before marriage, then the accounts can be partially community property and partially separate property.
A: In general, California uses the "time-line" to determine how much of the retirement plans are community property (CP)or separate property. Absent a valid prenuptial agreement to the contrary, plans earned during marriage are CP, and prior to marriage or after a legal separation are separate property.
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