The Court of Appeals determines that a standard interspousal transfer grant deed (ITGD) meets the requirements for a transmutation of the character of marital property under Family Code section 852.
Section 852 provides in pertinent part: “(a) A transmutation of real or personal property is not valid unless made in writing by an express declaration that is made, joined in, consented to, or accepted by the spouse whose interest in the property is adversely affected.” Continue reading
The California Supreme Court reverses the Court of Appeal and holds that when community funds are used to purchase life insurance, the life insurance policy is community property—irrespective of who is named owner of the policy—unless the statutory requirements for transmutation are met. The case is Valli v. Valli. Continue reading
Are the proceeds of a term life policy community property or separate property of the spouse who pays the final premium? Recognizing a split of authority, the Fifth Appellate District held in Marriage of Burwell that the characterization of term life insurance proceeds depends on multiple factors, including whether the policy contains certain contractual provisions, the insurability of the insured spouse, and on the characterization of the funds which paid the premium for the final term of the policy. Continue reading