community property

(redirected from Inheritance Laws)
Also found in: Dictionary, Thesaurus, Legal.

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 ?
In such instances, the matter of succession will be out of the purview of local laws; it will come under a different jurisdiction where you get alternate and favourable options in the matters of inheritance law and planning.
As discussed in the previous section, Amaral (2013) exploits this variation in inheritance laws to study the impact of inheritance law on both aggregate crime measures and individual reports in the NFHS.
Each jurisdiction is characterized by different configurations of inheritance laws regarding testamentary freedom, property entailing, and inheritance tax.
The Lithuanian inheritance law sets special rules for the transference such items of property as house furnishing and household equipment.
As CM has deemed it, Amendment in Inheritance Laws is necessary to safeguarded women property rights due to the lacunas in the existing laws and rules governing land administration.
While the inheritance laws on the books remained virtually unchanged, courts increasingly subjected inheritance claims to intensified scrutiny.
The malevolent, vindictive ghosts relate partly to the dysfunctional Shiverton family who once lived, Downton-style, in the Hall which was passed on to unlikely distant family members because of inheritance laws, including the forebears of the present school head.
This book looks at social and economic conditions in England, such as inheritance laws and the rise of the middle class, that led British aristocrats to encourage their youngest sons to go to America, and describes how they were received by American fur traders, hunting guides, and outfitters.
Saleh claimed the clause was included in the article to circumvent treaties like CEDAW which would force Egypt into legislating for gay marriage, and gender equality within inheritance laws, as well as against polygamy.
25 per cent stake in the villa under French inheritance laws.
It has set up a website that provides information on the inheritance laws of EU countries in 23 languages.
So, while the Law Commission's proposed recommendations will provide a much-needed update to current inheritance laws, we would always recommend that the best way to deal with this uncertainty is to write a will.