community property


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Related to community property: separate property
  • noun

Words related to community property

property and income belonging jointly to a married couple

References in periodicals archive ?
4) organization of coexistence within the community property,
Valli, the California Supreme Court addressed this issue and determined that, unless the statutory transmutation requirements had been met, the life insurance policy was community property.
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.
At that time, property that otherwise became community property after marriage (e.
Washington law generally defines community property to be all 1) earnings during the marriage of each spouse; 2) property acquired with earnings during marriage; and 3) any property acquired with "community funds.
A US individual may be married to a nonresident spouse and domiciled in a community property jurisdiction.
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.
Significant migration to Florida has caused community property rules to have an important place in Florida jurisprudence.
It also includes: 20 "special techniques" to enhance the agreement; information on new rules concerning split-life insurance agreements; discussion of the importance of planning for business succession; data on how partnerships, LLCs, S corporations and recapitalizations affect agreements; and carries information on dealing with community property.
According to Borden, two-thirds of the assets are often given to the spouse with the higher earnings and the remaining one-third to the other spouse, except in community property states.
Moreover, the husband could manage, dispose of, or mortgage community property as he wished, although he was not permitted to alienate community property without remuneration or sell his wife's personal property without her permission or, lacking that, a court authorization.
If a couple lives in a community property state and holds the vacation home as community property, there generally will be a full step-up in basis upon the death of either spouse.
MLT Development Company acquired the 196-acre Barrington Community property in a transaction announced earlier this month.
The Seevetal intended that the planning and construction of the sports center Seevetal with a two-field sports hall, four outdoor tennis courts and two grass sports fields at the site Muhlenweg in Fleestedt on a property owned by the community property, by whatever means, in accordance with a functional specification to a contractor for to award lump-sum fixed price.
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