Sentences with phrase «spouses in all community property states»

Disputed Derogatory Credit Accounts of a non-borrowing spouse in a community property state are not included in the $ 1,000 + cumulative balance for determining if the mortgage application is downgraded.

Estate planning can reduce any capital gains tax that a surviving spouse in a community property state will face when selling jointly held property inherited from the spouse who passed away.

FHA requires judgments of a non-purchasing spouse in a community property state to be paid in full, or meet the exception guidance for judgments above, unless excluded by state law.

Unless excluded by state law, collection accounts of a non-purchasing spouse in a community property state are included in the cumulative balance of all collections.

Note 1: Collections accounts of a non-purchasing spouse in a community property state are included in the cumulative balance.

Not exact matches

In addition, your spouse may be liable for your debt if you lived in a community property statIn addition, your spouse may be liable for your debt if you lived in a community property statin a community property state.

A spouse could also be held responsible for the debt if you lived in a community property state.

If you live in California or any other community property state you must list your spouse if they are not filing with you.

If you live in a community property state: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin the surviving spouse is responsible for debts incurred by the account holder during his or her marriage — even if the surviving spouse did not cosign.

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

Update: Our guidelines have changed regarding a non-purchasing spouse's credit history in a community property state.

With community property, the theory is that each spouse contributes labor and, in some states, capital, for community ownership; thus, each spouse owns half of all community property, regardless of how much each person actually contributed.

In community property states such as Arizona, all income earned by either spouse belongs equally to both.

@NateEldredge Generally in community property states, debts are automatically taken on by both spouses jointly.

A spouse could also be held responsible for the debt if you lived in a community property state.

Collection accounts for non-purchasing spouses need to also be considered in community property states (like Wisconsin).

Whether or not debt can be transferred to a spouse depends on whether or not the deceased person lives in a community property state — including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska.

If this is an application for an individual account and you are relying on your own income or assets (in community property states, separate income or assets) and not the income or assets of another person (or community property) for repayment of the credit requested, questions relative to marital status and to income resources and assets of the spouse need not be answered.

When you live in a community property state and file separate returns, you each must report 50 percent of your spouse's income and half of income generated by community assets, plus all of your separate income.

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.

However, in community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska, which is an opt - in community property state), creditors may pursue a surviving spouse to settle a debt.

However, if you live in a community - property state, you need your spouse's consent in writing before designating someone else.

If you're purchasing in one of the nation's nine community property states, lenders can consider your spouse's credit and debts even if he or she won't be on the loan.

The Internal Revenue Service (IRS) created Form 8958 to allow couples in community property states to correctly allocate income to each spouse that may not match what is reported to the IRS.

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 statIn 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 statin a community property state.

Put simply, in a community property state, a spouse is responsible for debts incurred in the marriage regardless of which spouse's name is on them.

In reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarIn reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarin the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarin, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarIn a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forward.

If you live in a community property state, and acquired student loan debt through marriage, you could be liable to pay off your spouse's debt after his / her passing.

In community property states, VA lenders must consider the credit rating and financial obligations of your spouse.

It is important to keep in mind that when you open a joint account with your spouse, you are accepting responsibility for that debt whether you live in a common law or community property state.

-- Most assets that were obtained by one spouse after the marriage while living in a community property state.

In August of 1928, spouses from four community property states, Arizona, Louisiana, Texas, and Washington, filed test cases in federal district courIn August of 1928, spouses from four community property states, Arizona, Louisiana, Texas, and Washington, filed test cases in federal district courin federal district court.

If you are applying for individual credit, you must complete the Applicant section about yourself and the Co-Applicant section about your spouse if (1) you live in a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI) or (2) your spouse will use the account.

However, if you live in a community property state (California, Arizona, Idaho, Nevada, Louisiana, New Mexico, Washington, Texas or Wisconsin), your spouse and you may be responsible for debts incurred during the marriage, and the individual debts of your spouse may appear on your credit report as well.

Spouse's salary (if the spouse is co-signing on the loan or the purchase is in a community property Spouse's salary (if the spouse is co-signing on the loan or the purchase is in a community property spouse is co-signing on the loan or the purchase is in a community property state)

Overall, if you live in a community - property state, it's not a bad idea for spouses to keep organized records of their personal financial matters.

Depending on whether or not you live in a community property state will determine how you divide up your assets when filing bankruptcy separately from your spouse, but when filing bankruptcy jointly with your spouse, there is really no need to divide up your assets.

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.

that which you, your spouse, or both acquire during your marriage while you and your spouse are domiciled in a community property state

In the nine community property states, property is owned concurrently between spouses.

@DilipSarwate Technically in community property states, IRAs are jointly owned by spouses, aren't they?

In certain so - called community property states, the entire basis of community property — not just half — may be increased to date - of - death value upon the death of one spouse.

In other states, namely community property states, assets acquired by spouses with a right of survivorship are also titled as community property.

VA buyers in the nation's nine community property states don't have the option of simply forgetting their spouse's debt.

Community income also includes compensation for services if the spouse / RDP earning the compensation is domiciled in a community properCommunity income also includes compensation for services if the spouse / RDP earning the compensation is domiciled in a community propercommunity property state.

Sally Herigstad: Foreclosure's impact on married couples — When a mortgage is in one spouse's name, if you choose to foreclosure, the impact to the other spouse's credit can depend on whether you live in a community property state... (See Credit and foreclosure)

Keep in mind that Nevada is a community property state, which means you and your spouse will split your assets and debts equally.

In short, if the domestic violence resulted in an unreasonable depletion of marital assets, then the spouse who suffered the domestic violence might be awarded more of the marital assets, despite the fact that California is a community property statIn short, if the domestic violence resulted in an unreasonable depletion of marital assets, then the spouse who suffered the domestic violence might be awarded more of the marital assets, despite the fact that California is a community property statin an unreasonable depletion of marital assets, then the spouse who suffered the domestic violence might be awarded more of the marital assets, despite the fact that California is a community property state.

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.

In most states, any income that a spouse earns during the marriage is considered marital property (also called «joint property» or «community property»).