Sentences with phrase «in a community property state»

When a couple lives in a community property state the entire time a spouse works, all earnings are community property.
This opened the door for higher - income couples in community property states to shift income and lower their tax burden as compared to couples in common law states.
And even in community property states, debt before the marriage is not joint debt.
This may also apply to couples who reside in community property states.
You may be married but trying to file separately, yet unaware that you live in a community property state where it's not allowed.
Separate property in community property states may include property owned before marriage and, in some states, property acquired during the marriage with proceeds from the sale of separately owned assets.
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.
Note that while you can typically select anyone you have a relationship with as a life insurance beneficiary, there are limits to this ability in community property states.
This means that domestic partners in community property states have to allocate their income.
Let's take a closer look at how purchasing in a community property state can complicate the process.
There are significant differences between them when it comes to transferring assets, and a document drafted in a common law property state might not be appropriate in a community property state.
I am trying to confirm how income allocation works in a community property state.
If you do not live in a community property state then you would just divide your deductions according to who made the donation.
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.
As noted above, a fiduciary duty to marital property most often arises in community property states.
The first, used in community property states, is to split all marital property equally between spouses.
So make sure your accountant is in the loop (There's also some potential complications in a community property state).
Remember, your beneficiary can be anyone you want as long as you don't live in a community property state and have a spouse.
The result was, income splitting between spouses in ALL community property states was allowed.
This created an inequality between married couples in community property states and married couples in common - law states.
In community property states where courts divide all marital property 50/50 in a divorce, your spouse is now entitled to half your inheritance.
Note that while you can typically select anyone you have a relationship with as a life insurance beneficiary, there are limits to this ability in community property states.
Usually occurring in community property states, it includes property brought into the marriage and also may include inheritance or gifts received during the marriage.
Even in community property states like California and Arizona where ownership of marital property is joint in marriage, you still maintain separate credit scores.
Community property is all of the property that is not separate property acquired by a husband / registered domestic partner (RDP) or wife / RDP or both while domiciled in a community property state.
Furthermore, the Federal Trade Commission (FTC) says family members may be responsible for your debt under certain circumstance, such as if they co-signed for an obligation or if you live in a community property state such as California.
In this latest opinion, the Attorney General said he was withdrawing his earlier opinion that said community property law applied in all community property states except California.
The U.S. Attorney General then jumped in and concluded that community property laws applied to all income in every community property state — except California.
Spouses may also hold separate property, which they solely own and control, but the law in the community property states does not favor this.»
Update: Our guidelines have changed regarding a non-purchasing spouse's credit history in a community property state.
@NateEldredge Generally in community property states, debts are automatically taken on by both spouses jointly.
Collection accounts for non-purchasing spouses need to also be considered in community property states (like Wisconsin).
What about the ex-wife in a community property state who is left holding the bag on thousands of dollars of credit card bills charged by her ex-husband without her knowledge?
We are trying to do our taxes this year and have reached out to a tax professional at H&R Block here in California, who seemed to know nothing about MFS in a community property state.
I have a similar question to those above with comparing MFS and MFJ in Community Property State (Texas) and how it will impact the student loan payment for my wife's student loan.
The IRS suggests married couples in community property states look at their tax situation under both joint and separate filing options to determine which version saves them the most (TurboTax will do this for you).
Married couples in community property states soon discovered that they could save money by employing community property laws to split income.
What is Form 8958: Allocation of Tax Amounts Between Certain Individuals in Community Property State
In this case, the spouse who is not applying for the loan would only have a financial obligation if he or she co-signed or co-borrowed on the mortgage or if the loan was executed in a community property state.
Couples in same - sex marriages or RDPs in community property states CAN NOT file as married, but they MUST apply community property laws.
For filing bankruptcy purposes in a community property state, unless your spouse owns property you can prove has never been owned jointly, you will have to list 50 % of the value of the property as part of your assets.
@DilipSarwate Technically in community property states, IRAs are jointly owned by spouses, aren't they?
Debt incurred before marriage or after separation is typically considered «separate debt», however student loans borrowed during marriage may be deemed «marital» debt, especially in the community property states.
In order to have their payment based on separate rather than joint income, student loan borrowers in community property states must file a separate tax return and must also supply «alternative documentation» of their separate income to their loan servicer.
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