Upon termination of the community, or dissolution by death or by divorce of the marriage of spouses either of whom is domiciled in this state, their respective rights and obligations with regard to immovables situated in this state and movables, wherever situated, that were acquired during the marriage by either spouse while domiciled in another state shall be determined as follows:

(1)  Property that is classified as community property under the law of this state shall be treated as community property under that law; and

(2)  Property that is not classified as community property under the law of this state shall be treated as the separate property of the acquiring spouse.  However, the other spouse shall be entitled, in value only, to the same rights with regard to this property as would be granted by the law of the state in which the acquiring spouse was domiciled at the time of acquisition.

Acts 1991, No. 923, §1, eff. Jan. 1, 1992.