Code I (Community Property) Flashcards
Legal Regime
default regime in Louisiana
Contractual Regime
through matrimonial agreement (prenuptial or other)
Ownership of Community Property
each spouse owns a present one-half undivided interest
Real Subrogation
thing forming part of the separate property or community property is converted into another thing, the mass of the property is not diminished
New thing takes place of old
Commingling
mixing of sep and comm funds does not result in ownership change UNLESS indiscriminate mingling rendering untraceable
Community Assets Classification Scheme
all property acquired during the existence of the legal regime through:
effort, skill, or industry of either spouse
acquired w/community things or w/community & sep things
donated to spouses jointly
natural and civil fruits of comm prop
damages awarded for comm prop
Separate Assets Classification Scheme
acquired prior to regime
acquired by spouse with sep and comm when comm value is inconsequential
inheritance to spouse individually or donation
damages to spouse individually
other
Earnings
through effort, skill or industry of either is comm prop
Fruits and revenues of separate prop
community unless spouse reserves as separate by recording reservation and providing spouse with copy of reservation PRIOR to filing
Credit Acquisitions
down payment consisting entirely of separate funds and title and ownership transfer to buyer IMMEDIATELY is separate property
Double Declaration
acquisition with separate funds as separate property may be controverted by other spouse unless concurred in act
If it was false (comm prop used) an alienation or encumbrance or lease of thing by ONEROUS title will not be set aside
Defined Contribution Plans
Employee spouse’s contributions during regime determine share of comm property
Defined benefit plan
Sims Formula
nonemployee’s interest in the pension is one-half of the community fraction
numerator of community fraction is portion attributable during regime and denominator is pension attributable to total service
Life Insurance
separate property of named beneficiary
Intellectual Property
revenue generated during regime = comm
outside of regime = separate
Goodwill of Business
reputation, patronage, intangibles
community except to extend it is attributable to personal quality of spouse