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In what circumstances can separate property become community property?
Separate property can however, become community property through a process called \"commingling \". This happens when separate property is mixed or \"commingled\" with community property. If, for example, a spouse deposits his inheritance into a joint bank account where both spouses make withdrawals and deposits, the inheritance could at some point be considered \"commingled\" and part of the marital assets.
Is it community property if the inherited property was not in a community property state?
Inherited property is not generally considered community property. However, if the property is located in another state, the property laws in that state govern. For example, California is a community property state. If the married couple from California inherited land in massachusetts, that land would not be held as community property since Massachusetts is a separate property state. If the California wife purchased property in her own right in massachusetts it would not become community property of the marriage. Massachusetts law would govern the ownership of the property.
In Virginia can a spouse whos name is on the deed and mortgage sell their house without the other spouse consent whos name is not on either one?
California is a community property state. Your husband may need your signature to sell his property if it was not titled as "separate property". Property acquired after marriage may become community property depending on the source. If the property was inherited then you may have no claim. However, if the property was purchased then the following passage may apply: "In California, any assets that are acquired during marriage become community property, (i.e., belonging to both spouses), unless they are specifically acquired as separate property. Real property that is conveyed to a married man or woman is considered community property, unless it is stated otherwise. In order for a married individual to acquire title in his or her name only, the spouse must relinquish all right, title and interest to the property. Usually, this is done by executing a Quitclaim Deed to the property, which is recorded concurrently with the deed to the property." You should seek the advice of an attorney.
When a couple are not married and one owns a home does this home become community property?
That will depend on the laws in that jurisdiction. Some have rights in property regardless of whether it is community property or not.
How can I use a home equity loan to buy out my siblings' share of our inherited property?
You can use a home equity loan to buy out your siblings' share of inherited property by borrowing against the value of your home. This allows you to access funds to pay off your siblings and become the sole owner of the property.
If you inherit money does it become community property in your marriagee does it become community property?
Although the rules of community property can differ even within those States who have adopted Community Property Rules, the general rule is that inherited money received during marriage remains your separate property. It does not automatically become community property.In many states, if you combine your inheritance money with community property funds, you can still get your inheritance money back if you can prove that the monies came from your inheritance.Remember, every State law is different so be certain to check with an attorney in your area to be certain the laws in your State are the same as discussed above. Also, the facts of each case can have an impact upon the outcome, so a general legal principle is not always applicable. This above is for informational purposes only and not intended as legal advice, nor does it establish an attorney/client relationship.
What states are not community property states?
Then it is a separate propety state. Under a community property system, all property acquired by either spouse during marriage, with a few exceptions (such as property acquired by gift, inheritance, or devise, or the rents and profits of separate property) is treated as "community property" meaning that each spouse owns an undivided 1/2 interest in it. At divorce, all community property is split 50/50 between the spouses. If the property can't be divided in half (basically any property besides money, including houses, cars, and other tangible property), it will be sold, and the spouses will split the proceeds. In a separate property state, all property acquired by the spouses during marriage belongs to them individually, by default. At divorce, property will be subject to equitable distribution (not the same as "equal" distribution), meaning that a court will divide property in a manner it thinks is fair, considering the financial situation of each spouse, the lifestyle to which they've become accustomed, etc. This may or may not result in a 50/50 split of the property.
If you owned your property prior to marriage will your ex be entitled to any part of it after a 6 month marriage?
No, community property refers only to that property that is gained during the marriage. However, if you use community property or income earned during the marriage to continue mortgage payments, to improve, etc, then a portion of it does become community property.
What year did Texas become a community property state?
it became a state in december 29,1845
How do people find spouses in The Giver?
when they find a person they believe will be a good spouse, they take the idea to the council. the council weighs the idea by looking at their compatibility, through their characteristics and interests. if the council approves, they become spouses.
When does an inheritance become considered an asset?
Any property you own is considered part of your "assets." Anything you inherit becomes your assets as soon as it is inherited.
Does property purchased beforè marriage become community property?
Generally, no. Unless the other spouse contributed money or labor toward improvements.
