Definitions Flashcards
What is the definition of Marital Economic Property?
The marital economic property (MEC) begins upon marriage and ends at divorce, the death of a spouse, or a permanent physical separation with the intent not to resume the marital relationship.
What is the definition of community property?
community property is property acquired during the marriage (aka CP). All earnings during the marriage and all property acquired with those earning are considered CP; all debts incurred during marriage are CP debts.
What is the definition separate property (SP)
SP is property that either spouse acquired before the marriage or after death, divorce or living separate and apart. During the marriage, property acquired by gift or inheritance is SP, as well as any other property that is traceable to SP.
What is quasi-community property?
Qausi-CP is property acquired by a married couple while living in a non-CP state that would be characterized as CP if the couple had been living in CA at the time the property was acquired. Qausi-CP classification is triggered by divorce or the death of the titled spouse.
When a couple changes their domicile to CA, the property rights that they have from their prior domicile remain intact throughout the life of their marriage. Thus, the property does not automatically become community property just because the married couple moves to CA. Upon the death
What is Quasi-Marital Property?
Quasi-marital property (QMP) is property acquired by putative spouses during their putative marriage
Exam: Each CP essay should begin with the basic definitions of CP SP and Quasi-CP
What is the definition of transmutation?
Transmutation means changing the classification of property by agreement or transfer from CP to SP or inverse
What is the definition of tracing?
Tracing is the process of determining the source of a property’s acquisition to establish its classification as CP or SP
