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Question 1

Transmutation

Answer 1

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