Sentences with phrase «community property»

Equal ownership extends to debts in community property states as well, making both spouses equally liable for debts — even when one spouse was unaware of those debts.

However, married taxpayers who live in community property states and filed to file joint tax returns may still qualify.

If you live in a state with community property laws, you may not be able to give your lover any money, or, at most, only half.

Finally, it distributes the marital assets between the two parties in according to the protocols of community property division.

Some states, known as community property states, divide marital property equally between spouses.

• The family residence purchased during marriage with community property funds, along with any appreciation or increase in value.

Other states follow community property rules that require an equal split.

Once the initial policy term expires, however, if the policy is renewed, it is not any longer considered community property.

At the meetings, real estate leaders shared statistics on community property values and racial diversity to demonstrate the area's stability.

If a married person does not want to divide his inheritance upon divorce, he may keep it entirely separate from community property.

As a rule, the judge will divide community property between the spouses equally.

A judgment of legal separation (sometimes referred to as a marital separation) determines support, child custody, visitation and community property rights.

In other words, it is converted into community property and subject to division.

The judge only has authority to divide community property, acquired during the marriage.

Under community property law, any asset or debt acquired by either party during a marriage is considered to be the asset or debt of both parties.

A spouse might use community property as a way of hiding his or her debts, so that the other spouse is responsible.

You can find more information about community property states here.

Here we briefly discuss how community property laws affect a couple's finances.

How does one make sure that one's resume for community property manager position is flawless?

This could be very general, and could just be an explanation of simple community property concepts, or it could be more specific depending on the type of asset or debt involved.

The only restriction is if you're married and live in a common property state, also called community property states.

If so, this is an asset and may be community property depending on when you acquired the account.

Accordingly, each spouse generally reports half of the total community property income on his or her separate tax return.

Except as otherwise indicated and subject to applicable community property laws, each owner has sole voting and investment power with respect to the securities listed.

Rather, it means that each spouse has an equal share of the total community property.

Since community property laws vary state by state, you should talk to your financial planner or lawyer to get a better picture of how the law affects your assets.

This means that you can even agree to split separate property or not to split community property.

In most community property states, both spouses are equally responsible for the repayment of debt incurred during the marriage, even if only one spouse enjoyed the benefit.

It's one of only nine states that observes community property law, where everything acquired during the marriage belongs equally to both spouses.

It shows you which states apply certain types of laws, such as giving community property to a surviving spouse.

The court will begin with the assumption that the distribution should be equal but — unlike community property states — may adjust that distribution if adjustment is appropriate for a particular case.

Similarly, community property deductions are split in half, with each spouse reporting half the deduction on their separate return.

This is the first tax season in which many gay and lesbian couples will file federal income tax returns reflecting community property rules.

For domestic partners, the «ours» aspect of your preparation covers community property income and deductions.

Let's start by going over what community property means.

Any assets acquired during your marriage are community property unless they were specifically a gift or inheritance to one party.

In this case, the family court ordered that financial accounts containing community property as of the date of service would be divided equally.

The most significant exception to this general community property rule pertains to property acquired by gift to a particular spouse or through a spouse's inheritance during the marriage.

You spouse may have a legal right to the life insurance benefit, even if you do not name them the beneficiary if you used community property money to pay the policy's premiums.

A minority of states recognize community property; these states typically divide any property obtained during marriage equally between spouses.

• Interest in third party projects when a spouse invests community property time in those projects and is, therefore, entitled to receive compensation.

You will, however, be informed about basic community property laws and family laws that govern your specific circumstances.

Note that some lenders use the same rules in common law states that they apply in community property states, and always check the marital status of applicants.

If property can not be specifically identified as separate property, it is considered community property.

A court's determination of maintenance is separate from the division of community property.

The tax calculation on a joint return applied community property concepts — for ALL married couples in all states.

This is especially true when each spouse claims an asset as separate property, thus excluding it from community property.

That means any property owned by either spouse during the marriage is community property between the spouses.