Quasi-community Property
Quasi-community property is a concept recognized by some community property states. For example, in California, quasi-community property is defined by statute as
"all real or personal property, wherever situated, acquired before or after the operative date of this code in any of the following ways: (a) By either spouse while domiciled elsewhere which would have been community property if the spouse who acquired the property had been domiciled in this state at the time of its acquisition. (b) In exchange for real or personal property, wherever situated, which would have been community property if the spouse who acquired the property so exchanged had been domiciled in this state at the time of its acquisition.
Typically, such property is treated as if it were community property at the time of divorce or death of a spouse, but in California, at least, property acquired while married and domiciled in a non-community property jurisdiction does not become community property just because the married parties move to a community property jurisdiction. It is the new event of divorce or death while domiciled in the community property state that allows that state to treat such property as quasi-community property. As of 2007, only Washington, California, New Mexico and Arizona have such laws.
Read more about this topic: Community Property
Famous quotes containing the word property:
“Communism is inequality, but not as property is. Property is exploitation of the weak by the strong. Communism is exploitation of the strong by the weak.”
—Pierre-Joseph Proudhon (18091865)