Community Property 1-8 Flashcards
What does Separate Property include?
It includes:
Property acquired prior to marriage;
Property acquired after separation;
A gift, devisee, or bequest;
Property acquired with separate funds; AND
Profits from separate property.
Priority: HIGH
How will courts determine the character
of an asset?
They will trace back the source of the funding used to acquire the property.
*A change in the form of the property will NOT change its characterization.
Priority: HIGH
What happens to Community Property (CP) upon divorce?
All CP is divided equally between the spouses, and a spouse’s Separate Property (SP) will remain his/her own.
Priority: HIGH
What is Quasi-Community Property (QCP)?
Property acquired while living in a non-CP state that would be considered CP if the spouse(s) had been living in California when the property was acquired.
*At divorce, QCP is treated as CP.
Priority: HIGH
What happens to QCP upon death?
The surviving spouse has a ½ interest in QCP titled in decedent. (The decedent DOES NOT have any rights in QCP titled in surviving spouse’s name.)
Priority: HIGH
When does the married woman’s special presumption give the wife a presumption of Separate Property?
If:
Title is taken in her name alone; AND
The property was acquired priorto 1975.
Priority: Medium
When does the economic community end?
When:
Either spouse dies;
OR
Permanent physical separation (permanently living apart + no intent to continue marriage).
Priority: HIGH
What is a Putative Spouse, and what is he/she entitled to?
A spouse that has a good faith reasonable belief that he/she is married.
They are entitled to quasi-marital property (QMP) which is treated like CP upon divorce.
*QMP ends once a person learns they are not lawfully married.
Priority: Medium
