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 ?
Similarly to many other jurisdictions, the Romanian inheritance law makes distinction between testate and intestate ways of succession.
Indeed, one is struck after reading this book by the sheer longevity of inheritance laws and how seldom they were tinkered with.
In the mid-twentieth century, some governments of largely Muslim countries modernized the laws regarding marriage and divorce along with the inheritance laws.
TWO elderly sisters who have lived together all their lives are challenging UK inheritance laws which deny them the same rights as couples.
True, many of the notes are definitions, but the others are lengthy expositions on the following categories found in the bibliography: the language of the period, everyday life, marriage and the family, the position of women, female education, entails and settlements, money and finance, landed society, housekeeping and servants, the rural world, urban life, London, the professions, the church and clergy, the army, law and lawyers, medicine, higher education, books and publishing, libraries, the press, writing, the postal service, transportation, hunting, the theatre, tourism, music and dance, interior decoration, country houses, dress, food and drink, etiquette, and dueling morals, social norms, inheritance laws, marriage, the ministry, education, the military, music, and fashion.
During the same period, women parliamentarians pushed through a revision of the country's inheritance laws that for the first time allow women to inherit property from their fathers and husbands.
The spinsters have willed their jointly-owned house to each other, but when one dies the other faces crippling inheritance taxes because UK inheritance laws only exempt property passed between spouses or "civil partners".
If pre-marriage wills are not affirmed through a signed codicil at the very least, the individuals will die intestate and subject to state inheritance laws.
n DUBAI There is still no news on foreigners' right to buy or the clarification of the Shari a inheritance laws (religious Islamic laws which are enforced by the authorities irrespective of a persons religious views) in relation to foreigners.
You could be liable to inheritance laws and taxes in two or more countries.
The genetics conundrum is that each deformed parent had two copies of the mutant gene, and by Mendelian inheritance laws, these parents should have passed only the mutant gene to all their offspring.
Inheritance laws - foreign inheritance rules may mean children have rightful ownership, even an ex-partner's children, which a will can't override