Sentences with phrase «in community property»

Some people get this confused and think that you only get 50 % step up on first death but that is not correct, in a community property state your step up in basis occurs 100 % in either death of one spouse.

In community property states, a house purchased by a married couple becomes the joint property of both, no matter who put up the money to buy it.

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.

In community property states, each spouse is entitled to half of the marital assets.

In community property states, the property is usually divided equally with the exception of assets acquired prior to the marriage classified as separate property by the court.

You live in a community property state.

In community property states, courts award each spouse half of all assets and debts acquired during the marriage.

This is what would most likely occur in a community property state.

Even in community property states, courts have some degree of latitude in making asset decisions.

Your divorce attorney should help you understand how the law works in your area, whether you live in a community property or equitable distribution state.

In community property states, marital property is owned equally by both spouses and courts will generally divide that property equally upon divorce.

In community property states, property and debt acquired while married is divided equally in a divorce.

In community property states, rings given before a marriage are sometimes considered the separate property of the person receiving the ring rather than property subject to division in a divorce.

Unlike in community property states — where courts evenly divide the assets acquired during a marriage — equitable distribution laws give a great deal of latitude to judges to decide what is «fair.»

In community property states, marital assets and marital debts are split down the middle.

In community property states, such as California, the court divides marital property equally between spouses.

Even in community property states.

Keep in mind that if you live in a community property state, you'll want to think about whether you intend the separation to change your property ownership.

In community property states, all property that you earn or acquire during your marriage is deemed to be community property.

In community property states where courts divide all marital property 50/50 in a divorce, your spouse is now entitled to half your inheritance.

Courts in community property states divide property equally, so the value of the jewelry would be split 50 - 50.

In both community property and equitable distribution states, the judge will only divide marital property, which is property acquired by spouses from the wedding day forward.

In a community property state, a court will typically make an equal division of property.

In special circumstances (in community property states), both spouses can be held responsible for separate (non-marital) debt.

Whether you live in a community property or equitable distribution state, the process for enforcing the property divisions of your divorce decree is the same.

Even in community property states, a prenuptial agreement will override divorce statutes.

When couples divorce in community property states, all of those assets and debts acquired during the marriage get divided equally.

In community property states, you would receive assets equal to 50 percent of the total value of all marital property.

In community property states, the law demands that courts divide marital property 50/50 when couples divorce.

If you live in a community property state — Arizona, California, Louisiana, New Mexico, Nevada, Idaho, Texas, Washington or Wisconsin — assets and debts you acquire during your marriage belong equally to both spouses, except in certain narrow circumstances, such as assets acquired by inheritance or gift that you kept separate from your marital assets.

Bedrock Divorce Advisors: Do You Live in a Community Property State or an Equitable Distribution State?

The first, used in community property states, is to split all marital property equally between spouses.

Bedrock Divorce Advisors: Do You Live in a Community Property State or Equitable Distribution State?

Liability for a spouse's debts depends on whether the divorce happens in a community property or equitable distribution state.

Usually a spouse doesn't have any right to claim the life insurance money if someone else is named as beneficiary — except in a community property state.

In a community property state, both spouses own equally any income earned during the marriage and any property purchased with that income.

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.

As mentioned earlier, if you reside in a community property state and select someone other than your spouse as the beneficiary, your spouse is required to sign a form acknowledging that they agree to give up their rights to the insurance proceeds.

While this typically resolves the problem, in community property states, where a husband and wife are presumed to own assets jointly, there can be issues with such an approach.

If you acquired student loan debt while married, upon your death your spouse may be responsible to pay your student loans in full if you live in a community property state.

What's more, in community property states like Wisconsin, surviving spouses are often held responsible for a deceased spouse's outstanding loans.

But if you live in a community property state, both spouses have an equal stake in earnings and property during the marriage — including life insurance.

Loved ones don't «inherit» debt, unless they've co-signed on a dotted line or live in a community property state (in which case, a spouse is on the hook for debt incurred during the marriage).

The good news is family members aren't responsible for any debt left behind after death, unless they've co-signed on that debt or live in a community property state where spouses are responsible for debt incurred during the marriage.

For the most part, if there were zero cosigners attached to a loan, or a widow or widower of a spouse in debt didn't live in a community property state, there's not much creditors can do to reclaim unpaid debt if there's no money left in an estate.

Know if you live in a community property state.

If you live in a community property state, you both may be responsible for debts incurred on individual accounts during your marriage.

Remember, your beneficiary can be anyone you want as long as you don't live in a community property state and have a spouse.

You may be married but trying to file separately, yet unaware that you live in a community property state where it's not allowed.

If she lives in a community property state, then there will be specific rules about whether or not some of the life insurance proceeds would go to her husband.