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Community Property


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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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How Divorce Affects Social Security And Retirement Accounts TheStreet.com
TheStreet.com How Divorce Affects Social Security and Retirement Accounts TheStreet.com Also of note, Mathias said the ex spouse would be eligible for survivor benefits. Mathias also noted that future Social Security benefits are not subject to division under community property settlements, equitable distribution settlements or other

A Woman Taking A Manaposs Name In Marriage Is Actually Still A Huge Deal Hel...
HelloGiggles A woman taking a man39s name in marriage is actually still a huge deal HelloGiggles Now that same sex marriage is legal, some of these traditional gender dynamics when it comes to marriage will hopefully start to shift a little bit, but it shouldn39t be up the LBGTQ community to model respect and equality in marriage to heterosexual

When Calling It Quits, Would A Postnuptial Agreement Help Houston Chronicle
When calling it quits, would a post nuptial agreement help Houston Chronicle A: A post nuptial agreement signed by both spouses would divide the community property accumulated during the marriage between the two of them, with each assigned different properties. The agreement could apply to some or even all of their properties

DEAR ABBY Dec. 13: Man Keeps Wife In The Dark About New Aposbusiness Partnera...
The Macomb Daily DEAR ABBY Dec. 13: Man keeps wife in the dark about new 39business partner39 The Macomb Daily DEAR PEEVED gtgt You live in a community property state. Half of your husband39s share of whatever property he and this woman bought together belongs to you. Advertisement. My first thought is your husband is having a fling and lying about not knowing why Dear Abby: Man keeps wife in the dark about 39business partner39Santa Rosa Press Democrat Dear AbbyDaily Journal Online all 13 news articles raquo

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Facts of Law covering the aspects of community property in divorce

Facts of Law - Community Property