Under California's community property laws, which of the following is MOST likely to be classified as community property rather than separate property?
Correct Answer
C) Wages earned by one spouse during the marriage
Under California Family Code §760, all property acquired by either spouse during the marriage through their labor, skill, or effort is community property. Wages and salaries earned during marriage are the clearest example of community property because they arise directly from a spouse's efforts during the marriage, regardless of which spouse earned them.
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A California deed reads: 'I grant to John Smith the property at 123 Main St, Sacramento, CA.' No additional language specifies the type of estate being conveyed. What estate does John receive?
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A married couple in California wants to take title to a home in a way that allows the surviving spouse to inherit the other's interest outside of probate AND receive the most favorable income tax treatment on the property's cost basis at death. Which form of ownership best satisfies both goals?