Tuesday, December 8, 2009
Maybe. A California Court of Appeals just ruled (reversing the lower court's decision) that a Porsche bought for husband with wife's separate funds was to be classified as community property. California law generally requires a writing to transmute the classification of property, but there is an exception for gifts of "tangible articles of a personal nature." The California court held that a Porsche was not such property. Read the full opinion here. And if you're in a community property state, delight in the fact that you'll still own a portion of most items you gift to your spouse!