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 ?
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.
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.
4) Their marriage initiated a community property regime under Louisiana marital law.
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.
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.
The Superior Court of California, after determining the taxpayer's community property share of her former husband's military retirement benefits, awarded her 42.
Community property laws can have an impact in determining if a taxpayer is able to qualify for innocent spouse relief and what type of relief may be available.

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