Community Property Flashcards
CA Law
Ca Community Property law applies when the parties 1) have legal marriage and 2) are domiciled in Ca
CA Presumption
California is a community property state. All property acquired during marriage by the labor or earnings of either spouse is presumed Community Property. All property acquired before marriage, divorce, after death, or permanent separation is presumed separate property. All property acquired through gift, bequest, devise, or descent is separate property. At divorce spouses are entitled to 1/2 of the community property. The characterization of the asset depends on 1) the source of the item, 2) actions of the parties may alter he characterization of the asset, and 3( the statutory presumption affecting the asset.
Quasi community property
QCP is property that was acquired outside of CA that would be considered community property if it were acquired in CA. QCP is treated as separate property until death, dissolution or divorce. At divorce, QCP is considered community property.
Marital Economic Community
MEC beings at marriage and ends at divorce, death of either spouse, or permanent separation with no intent to reconcile the marriage.
Pre-Marital Agreement
A pre-marital agreement agreement allows the parties to contract outside of community property laws and is valid if in writing and signed by both parties. These agreements are not valid if involuntary (a party is not represented by independent counsel, a party didn’t have at least 7 days to review agreement, and the agreement was executed under duress, fraud, undue influence, or lack of capacity) or if unconscionable (terms are unfair or party did not understand the other party’s property)
Mereticious Relationship
Property is governed solely by the agreement of the unmarried parties. Here, two persons are not holding themselves out as married couple, but their cohabitation is more than a roommate agreement.
