Categories of Property Flashcards

1
Q

Community Property

A
  1. Generally property acquired during marriage.
  2. Rent, income, or profit earned from CP asset.
  3. Labor, earnings, salary, and wages of a spouse.
  4. Property acquired using CP funds.

Exception: property held by decedent whose marriage dissolved more than 4 years prior to decedent’s death (protects heirs from ex)

SOP to rebut general presumption of CP: preponderance of the evidence

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2
Q

Separate Property

A

Property acquired:

  1. Anything before marriage
  2. Gift or inheritance during marriage
  3. Anything acquired after divorce or permanent separation
  4. Rent, income, or profit earned from a SP asset

SOP to rebut general presumption of SP: preponderance of the evidence

If mortgage on SP real property is paid w/ CP, then CP gets a reimbursement via pro rata apportionment!

  • CP estate acquires “a pro-rata interest in proportion to the amount the principal is reduced by CP payments.”
  • Not reimbursable: interest, tax, or insurance payments.
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3
Q

Quasi Community Property

A
  1. Married couple acquired property in another state
  2. The property would have been classified as CP if they were married + domiciled in CA

QCP Rule only triggered upon divorce or death of spouse holding title.

If only one spouse holds title in divorce scenario, non-titled spouse’s rights determined by law of the other state.

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4
Q

Quasi Marital Property

A

All property that would have been considered CP or QCP if marriage re putative spouse was valid.

QMP is divided equally, the same as CP or QCP

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