Basic Definitions Flashcards
Community Property
All property acquired during the course of marriage is presumed to be community property
Separate Property
All property acquired before marriage or after permanent separation is presumed to be separate property. In addition, any property acquired by gift, will, or inheritance is presumed to be SP
Quasi-Community Property
QCP is acquired by either spouse that would have been CP had the spouse been domiciled in CA at the time of acquisition.
Quasi-Marital Property
Property acquired by a couple where at least one of them has a good faith belief that they are lawfully married, but in fact they are not lawfully married; as a consequence, their acquisitions cannot be considered community property because they are not validly married, but their acquisitions are treated the same as community property for purposes of death and divorce