In the case where a property owned or purchased from a couple outside the state by a married couple is treated as community property if the purchaser was for example a California resident.
One of the key concepts of a Quasi Community Property was for community property states being able to ease the division of resources and assets obtained from outside states. A Quasi Community Property comes into play if for example a divorce were to occur between two spouses or if one spouse was deceased.
What Is Community Property?
In order to get a broader understanding of the term “Quasi,” one must be able to know and comprehend the root of the word “Community Property.” Community Property is virtually everything you possess via purchases and/or received/earned once legally married as a couple. All debts incorporated throughout the marriage will also be deemed and tied to community property. Anything prior to marriage such as debt, anything possessed/owned or earned, gifts along with inheritance are not included.
Quasi-Community Property Authority & Marriage
When two spouses are legally a married couple, a Quasi Community Property will be regarded as the divided property of the spouse who will be receiving, if that spouse agrees to view it as such.
Quasi-Community Property & Divorce
If a divorce between two spouses were to occur, a Quasi Community Property is equivalent to the division of a community property, which is 50% given to each spouse.
Quasi-Community Property & Death of Spouse
If the spouse who was on the acquiring end of the property spectrum, ends up being the one who ends up passing away first, the Quasi-Community Property would be split at 50%, just the same as it would be in respect to a community property.
