Community Property Flashcards
1
Q
Community Property Presumption: Guiding Principle
Community Property
A
- CA = CP state; divorce/death = CP divided, SP remains SP
- All property during marriage is presumptively CP (name on record = imaterial; includes earnings/wages)
- SP = property before marriage/after separation, gifts etc, property from separate funds, profits from SP
- Character = trace back the funding, change in form is irrelevant
2
Q
Transmutations
Community Property
A
- Agreement during marriage to change character of property
- No consideration needed
- 1985 onward = writing, signed and consented by the affected party and expressly declares change in ownership
- Gift of insubstantial value exception = tangible property of personal nature, used solely by the recipient spouse and insubstantial in value
