Community Property

Question 1

Intro standard

Answer 1

Ca is a community property state. Community property is all property acquired or earned during a marriage (MEC). Separate property is all property acquired before a marriage or by gift, divise, or bequest. At death or divorce community property will be divided equally.

Question 2

Termination of the MEC

Answer 2

-Death
-Divorce
-physical permanent separation with the intent not to resume the marriage

Question 3

Separate Property Tracing

Answer 3

Assets will remain separate property if they can be traced from separate property

Question 4

Quasi-Community Property

Answer 4

Quasi-community property is property acquired by either spouse that would’ve been considered community property if they would’ve been living in California. Treated like community property.

Question 5

Transmutation

Answer 5

An agreement during marriage to alter the character of an asset. Generally, it must be in writing signed by the party that would be disadvantaged.

Question 6

Debts

Answer 6

Depend on debt type and when it was acquired