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Community Property Rights

What is Community Property?

Community Property is defined as any property that was obtained during two couple’s marriage, and then this property would be considered community property in the event that the marriage comes to an end whether it is a divorce, or death of one of the couples. In the states where they recognize community property that is obtained by a husband and a wife that during their marriage this becomes joint property even if it was in only one spouses name. The community property laws between states that do in fact recognize community property can vary from state to state, with that being said the idea between all states are just about the same, meaning that a each individual in that relationship will gain one half of what is labeled as community property. The deciding factor as to whether or not some possessions will be looked at as community property will all depend on the time of the purchase. Community property is normally defined as anything the married couple owns that was bought during their marriage, community property will not include separate property that had already be owned before they had got married, and any inheritance that was received during the marriage as well.

What are some of the things that community property will include?

Since the laws regarding community property will vary from state to state, this will all depend on the state in which you reside in. In many states community property normally means that any and all possessions that were bought during a marriage with possessions that were earned during that marriage are to be thought of as owned equally by both couples. With this being said, this does not matter as to what name the possessions are in, that is unless one spouse had received a gift or inheritance. Along with all the possessions that were bought during the marriage all the debts that had come up are also believed to be shared equally.

What is community property with right of survivorship?

Community property with a right of survivorship is defined as allowing the surviving spouse with the ownership of the nonliving spouse’s at least one half of the community property just like joint tenancy with the relative tax benefits such as holding the title as community property. What all this means is that community property with the right of survivorship is that both spouses will own exactly one half of the possessions in the property, up until one is proceeded in death, and then the surviving spouse will own the entire property.

What states recognize community property?

The nine community property states deal with marital income in many different ways than the other states that do not recognize community property. These states are often known as common law states. Below are the nine states in which recognize the community property laws:
• Arizona
• California
• Idaho
• Louisiana
• Nevada
• New Mexico
• Texas
• Washington
• Wisconsin

If someone resides in the state of Texas and one spouse is the sole granter, trustee, and grantee of a stand-alone trust are that allowed to make decisions on property without the consent of their other spouse? How does the community property law affect this?

In this case since the state of Texas is a Community Property state, this means that both spouses are responsible for any debt that is made by either spouse. So, what this means is that in many cases both signatures are not needed to do anything, this can also include buying or selling real estate.

Many times not know what the community property laws are or if you live in the state that does recognize the community property laws, things can become very confusing and difficult if you are going through a divorce or experience an unexpected death from your spouse. You may feel as if you are not sure what your rights are to the community property or if even any the possessions are looked at as community property. These types of complex questions can be addressed when you contact the Legal Experts online.
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