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Facts - Books - News    U.S. Facts Of Law:


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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Ask Brianna: Newlyweds Need A Plan To Find Financial Bliss OregonLive.com
OregonLive.com Ask Brianna: Newlyweds need a plan to find financial bliss OregonLive.com Marital agreements are particularly useful if you live in a community property state, you enter the marriage with children from a prior relationship, you39re expecting a large inheritance or there39s a big income disparity between you and your partner

Ask Brianna: What Are Financial Mustdos As A Newlywed Akron Beacon Journal
Ask Brianna: What are financial must dos as a newlywed Akron Beacon Journal An occupational hazard of dispensing personal finance advice is that money matters are never far from my mind. At wedding ceremonies, I wonder whether the and more raquo

Is Probate Required To Clear House Title Napa Valley Register
Napa Valley Register Is probate required to clear house title Napa Valley Register It39s almost certain that your parents39 home was their community property, as it was likely purchased with money they earned during their marriage. Since your mother died without a will, her husband shall inherit all of the community property by

NerdWallet: What Are My Financial Mustdoaposs As A Newlywed Huntington Hera...
Huntington Herald Dispatch NerdWallet: What are my financial must do39s as a newlywed Huntington Herald Dispatch An occupational hazard of dispensing personal finance advice is that money matters are never far from my mind. At wedding ceremonies I wonder whether the and more raquo

When Generosity Becomes A Taxing Issue Los Angeles Times
Los Angeles Times When generosity becomes a taxing issue Los Angeles Times In community property states, property and debts acquired during marriage typically belong to both spouses, even if they39re in only one spouse39s name. So a bankruptcy filing by one spouse in a community property state can put more property at risk.

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Facts of Law covering the aspects of community property in divorce

Facts of Law - Community Property