community property


Also found in: Dictionary, Thesaurus, Legal, Acronyms, Wikipedia.
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 ?
Property transferred to the South Dakota Special Spousal Trust is considered community property, even if one spouse or the other contributed more than 50 /o of the property that is transferred; (16) so the South Dakota statute provides for significant disclosures between the spouses and consent of the spouses (both of whom must execute the trust).
The same questions arise in the case of the buyer-spouse encumbering the property with a mortgage or granting an easement to a neighbor in a community property state.
Often overlooked in planning for an estate is the fact that assets such as a life insurance policies and life insurance proceeds, retirement accounts and IRAs, and annuities are considered to be community property if acquired during marriage and/or with community property earnings.
(17) Recognizing the intent of Joel and Dianne to distribute survivor benefits according to the community property division, LASERS invoked a concursus proceeding in the 19th Judicial District Court, Parish of East Baton Rouge, under article 4651 of the Louisiana Civil Code, to determine the proper method of benefit distribution.
Where life insurance on the life of a spouse is bought with community funds and one of the spouses is designated policy owner, is the policy community property, or the separate property of the spouse designated as owner?
A particular asset can be a mixture of both community property and separate property (e.g., purchase of home using funds earned before marriage and subsequent mortgage payments with community funds).
In all community property states, the income from community property is, of course, community property.
Community property can be important even if a couple does not currently live in a community property state.
Military Retirement Benefits: Community Property States
The type of relief available to an individual varies depending on various factors and circumstances, such as tax filing status, marital status and community property laws.
Refunds that involve community property states must be divided according to local law.
A memo issued on February 28 by the IRS's Office of Chief Counsel stated that registered domestic partners in California are not allowed to split community property, including income, a right that has been allowed in California since January 2005 and afforded to straight couples nationwide since the 1930s.

Full browser ?