GENERAL PRESUMPTIONS Flashcards
What is the general characterization of property?
All property acquired by married persons while domiciled in California is characterized as community property OR separate property. The original characterization is based on the source of funds and the timing of the acquisition.
What is the general presumption of property obtained during marriage and can it be rebutted?
Community property (CP) - All earnings, all real or personal property acquired during marriage while domiciled in California is presumed to be community property.
SP Proponent has the burden of proof to rebut the CP Presumption. If the SP proponent fails, the CP presumption is conclusive.
Tracing is one way to rebut the CP presumption.
How is SP divided in a marriage?
All property acquired before marriage or after permanent separation or after divorce is presumptively separate property. In addition, property acquired by gift, bequest, devise, or descent; and the rents, issues, and profits derived from separate property; and property acquired with separate property funds is also presumably separate property.