Actions Flashcards

1
Q

Transmutation

A

To make change status of CP/SP:

  1. Be in writing
  2. Contain an express declaration by the adversely affected spouse that the characterization or ownership of asset is being changed.

Exception: Gifts of personal property between spouses don’t need to be in writing if:

  1. Gift is between spouses
  2. Gift is a tangible item for principal use of the donee spouse
  3. Gift isn’t substantial in value when considering the relative wealth of the couple
How well did you know this?
1
Not at all
2
3
4
5
Perfectly