Introduction

Question 1

What is SP?

Answer 1

1. Property owned by either spouse before or after marriage
2. RIP: Rents, issues, and profits from SP before or during marriage.
3. Property acquired during marriage exchanged for separate property (use source rule/tracing)
4. GWI: Property acquired during marriage by gift, will, or inheritance

Question 2

What is CP?

Answer 2

Presumption that all property, other than SP, acquired by either spouse during marriage is CP.
* Salary/wages earned by either spouse
* Income from community assets

Question 3

CP on Divorce

What is the economic circumstances exception?

Answer 3

Depending on economic circumstances, court might allow non-pro rata division (ex. court gives whole asset to one spouse and gives the other spouse comparably valued assets)

Used for
* Family home
* Shares in closely held corp
* Pension

Question 4

What happens when one spouse gains an advantage from a transaction?

Answer 4

There’s presumption of undue influence. Advantaged spouse has burden of proof to show there was no breach of fiduciary duty.