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Property owned by one spouse before the marriage is sometimes referred to as the "separate property" of that spouse, but there are instances in which the community can gain an interest in separate property and even situations in which separate property can be "transmuted" into community property. The rules vary from jurisdiction to jurisdiction.
Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
Unmarried taxpayers enjoy wider tax brackets and so pay less tax on the same amount of income. [ 11 ] Certain taxpayers, who would otherwise be considered married but file separately, maintain a household for a child and have a spouse not a member of the household for the last six months of the taxable year shall be considered unmarried.
Getting married and having multiple homes are blessings to enjoy – unfortunately, a tax exemption for two primary residences isn't among the benefits of such a situation. While it would be ...
Keeping finances separate in such cases, he said, can help protect the partner who is more financially stable. “It ensures that their financial standing and credit score remain uncompromised ...
Californians pay the highest marginal state income tax rate in the country -- 13.3%, according to Tax Foundation data. But California has a graduated tax rate, which means your rate increases with...
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