community property


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Related to community property: separate property

Community Property

A property owned by a married couple. Community properties have rights of survivorship. In other words, when one spouse dies, the property does not become part of the decedent's estate; rather, the other spouse continues to own the property. A couple may jointly own their home, for example. Generally speaking, a spouse is considered to be the primary beneficiary of the other's assets, such as retirement accounts, unless both spouses state otherwise.

community property

Property that is owned jointly by spouses. The legal concept in community property states that, with the exception of gifts and inheritance, all property acquired during a marriage is equally owned by each spouse. The community property statute is very important in the event that the marriage is dissolved or one spouse dies. In some locales, the concept of community property extends to individuals participating in unions other than marriage.

Community property.

In nine US states, any assets, investments, and income that are acquired during a marriage are considered community property. That is, they are owned jointly by the married couple.

For example, if you're married, live in one of these states, and buy stock, half the value of that stock belongs to your spouse even if you paid the entire cost of buying it. In a divorce, the value of the community property is divided equally.

However, property you owned before you married or that you received as a gift is generally not considered community property.

The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

community property

Property owned by a husband and wife, each owning an undivided onehalf interest by virtue of the marital relationship and not by virtue of any deed or other document of specific intent. There are exceptions for family property inherited from one side or the other. The community property states are Arizona,California,Idaho,Louisiana,Nevada,New Mexico,Texas,and Washington.

Community Property

Property considered to belong in equal shares to a husband and wife. This concept of ownership for property acquired after marriage is followed in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, and Wisconsin.
References in periodicals archive ?
The trial court ruled that the insurance policy was community property because it was acquired during the marriage with community funds.
7) This legislation requires RDPs to file as married filing jointly or married filing separately for their California income tax returns on terms similar to those governing spouses, and the law characterizes the earned income of RDPs as community property.
In Washington, a community property interest becomes important in the case of a marital dissolution.
A taxpayer may have community property if the taxpayer is married and has lived in a community property state during the tax year.
The presumption behind the act is that married persons from community property jurisdictions intend to retain the community property traits of their previously acquired properties when they take up residence in a common law state unless they explicitly disavow that intention.
Although her eider female matrikin might have preferred to retain the matrilineal control of customary law, they would be comfortable enough with the provisions of the community property option to find it an acceptable compromise for the next generation.
For instance: married couples may execute a written agreement stating that all of their property, irrespective of title form, is community property.
Taxpayers living in community property states who separate or divorce are in some circumstances treated much differently for federal tax purposes than taxpayers living in common law states, particularly with respect to pensions and retirement accounts.
In addition, having a community property agreement between the husband and wife can help avoid the property going into probate, where a person is appointed by the court to handle the property dispersal.
The divorce court awarded Julie half of John's pension, based on California's community property laws.
She also reported a community property interest in a law firm in Los Angeles.
In 1994, HPD created NEP to accelerate the sale and rehabilitation of dilapidated, city-owned buildings and to increase community property ownership.

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