Community Property Flashcards
Community Property
In CA, all prop/assets gained during marriage by either spouse is presumptively CP. CP includes property gained through community labor, industry, or talent. CP also includes community debt acquired during marriage.
Separate Property
SP is property/assets brought into the marriage by either spouse. SP includes property gained from gifts or inheritance made to one spouse. The spouse who owns the SP has an individual right to the rents and profits from that prop. The SP owning spouse has an exclusive right to management and control over the SP asset. SP includes SP debt acquired outside of marriage.
Debt/Judgment During Marriage
If a debt is obtained by one spouse during marriage that is not made in the interest of the marriage, then the CP funds of the other spouse are not attachable. Interest of marriage means the funds are being used for community needs.
