Colorado Commission on Uniform State Laws. The bill enacts
the Uniform Community Property Disposition at Death Act (act), drafted by the Uniform Law Commission.
The bill applies to community property acquired by community
property spouses while domiciled in a community property jurisdiction and makes clear that if community property spouses partition or reclassify their community property or waive rights under the act, the act no longer applies to that property.
The bill provides the form required to partition or reclassify
property or waive a right granted under the act.
The bill creates a rebuttable presumption that all property acquired
by a community property spouse when domiciled in a jurisdiction where community property could be acquired by the community property spouse is presumed to be community property.
The bill provides that upon death of one community property
spouse, half of the property belongs to the decedent and the other half to the surviving community property spouse.
The bill allows a court to recognize reimbursement rights and
rights of redress for certain bad faith actions by one community property spouse that might impair the rights of the other community property spouse.
The bill provides limitation periods within which a party must act
in order to preserve rights under the act.
The bill provides protection for third persons transacting in good
faith and for value.
