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Community Property

Community property includes all the assets and property, regardless of which party has ownership, acquired during a marriage.  However, some gifts and inheritances are exempt from being included as community property.  These are the assets that will be divided upon upon divorce, annulment or death on one of the parties.  Some jurisdictions have adopted community property law on the presumption that both parties contribute equally to the marriage and family and should have equal ownership rights in the assets acquired by either spouse.

In some states the court may provide that one party receive more of the assets than the other and some states the law requires a 50-50 split.  In some instances where there is a single asset, such as a house, both parties may share equity in the value of the asset until it is sold at a later date agreeable to both.  In states without community property laws the assets are generally distributed in an equitable manner by the court.

Nine states currently have community property laws.  They include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and also Puerto Rico.  Married couples in Alaska may sign an agreement consenting to community property rules if they so desire.

"Community Property with Rights of Survivorship" is a new form of community property ownership that has been legislated in a few states.  It is similar to the more standard "Joint Tenancy with Rights of Survivorship".  The community property designation may result in lower capital gains taxes when a surviving spouse sells the assets.  The federal tax implications are discussed in IRS Publication 555.

 

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The CPA Journal Our Greatest Hits Community property step up in basis The CPA Journal Abstract Community property is defined as property that is procured during marriage in a community property state. There are two possible procedures to transform separate property, which includes property acquired before the marriage or by gift

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PEOPLE.com What39s at Stake Financially in Chris Pratt and Anna Faris39 Divorce PEOPLE.com Chris Pratt and Anna Faris are separating after eight years of marriage, leaving both actors to face the task of divvying up their assets and making custody arrangements for their son Jack, who will turn 5 later this month. Both stars39 careers have Anna Faris amp Chris Pratt: Reasons Why They39re Probably Getting Separated, Not Divorced AttorneyHollywood Life Chris Pratt Anna and I are sad to announce we are FacebookFacebook Chris Pratt and Anna Faris Are Separating: 39We Tried Hard for a Long Time39PEOPLE.com all 617 news articles raquo

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Divorce attorneys should be aware of the many ins, outs of real estate law Akron Legal News Unlike some states where all assets are considered community property to be divided evenly in a divorce, the state of Illinois is an equitable division state. That means that assets are divided into two categories: marital assets and that any of

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The Dough Roller Marriage and Credit Scores: What If the Worst Happens The Dough Roller Figuring out what happens to credit card debt and credit records in the event of a death is tricky, to say the least. In some states, debts incurred during marriage may be considered community property. This means Kathy could be liable for the debts

Does Divorce Derail Retirement Forbes
Forbes Does Divorce Derail Retirement Forbes Retirement assets are usually considered to be community property, equitably divided by divorcing spouses depending on the length of the marriage and other factors. It is important to note that the rules for the division of marital assets, including

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Facts of Law covering the aspects of community property in divorce

Facts of Law - Community Property