What is Quasi Community Property?
Quasi community property is property acquired by either spouse in a non-community property state that would have been community property had the couple been domiciled in a community property state. Quasi community property is a legal fiction created by the courts of community property states to facilitate division of assets acquired out-of-state. Quasi community property exists only when the marriage comes to an end through death or divorce.
Who Controls Quasi Community Property during Marriage?
During marriage, quasi community property is treated as the separate property of the acquiring spouse, so long as the acquiring spouse treats it as separate property.
What Happens to Quasi Community Property in Divorce?
In divorce proceedings quasi community property is treated just as if it were community property. Quasi community property is divided 50/50 between the spouses.
What Happens to Quasi Community Property if One Spouse Dies?
Division of quasi community property depends on which spouse dies first: - Death of acquiring spouse ¿ If the acquiring spouse dies first, then quasi community property is treated just as if it were community property (e.g. 50/50). This protects the acquiring spouse from having the property he or she left behind from being disposed of against his or her wishes.
- Death of non-acquiring spouse ¿ If the non-acquiring spouse dies first then he or she has no power over the property. There is no testamentary power to convey or sell it to another party.
Do Creditors Have Access to Quasi Community Property?
Although highly controversial, in most community property states quasi community property is treated as community property. So creditors of the non-acquiring spouse have access to the acquiring spouse¿s assets during marriage.
Should I Consult a Lawyer about my Quasi Community Property Issues?
The laws of community property states can be very complicated and confusing. An experienced family lawyer can help you determine how the law affects your property. A family attorney can also represent you in court if a dispute arises. |
 |
