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Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and ...
The community property concept originated in civil law jurisdictions but is now also found in some common law jurisdictions. U.S. states with community property laws draw primarily from the marital property laws under the civil law of France and Spain. [10] Division of community property may take place by item by splitting all items or by values.
Marital property, also known as marital assets, spousal assets or community property, matters when it comes to taxes, estate law and divorce. In most cases, separate property applies to the assets ...
If a couple buys a house together after marriage, it is considered marital property. In community property states, the home and its equity are typically split 50/50 between the spouses.
Step 1: Understand community property vs. equitable distribution states Before diving into specifics, it’s important to understand the legal framework that governs the division of assets during ...
Matrimonial regimes, or marital property systems, are systems of property ownership between spouses providing for the creation or absence of a marital estate and if created, what properties are included in that estate, how and by whom it is managed, and how it will be divided and inherited at the end of the marriage.
Forty-one states follow community property laws, while nine subscribe to common law guidelines. ... Debt accumulated in marriage is considered marital debt, while debt that was amassed in one’s ...
Uniform Marital Property Act: 1983 Uniform Marketable Title Act: 1990 Uniform Marriage and Divorce Act: 1970, 1973 Uniform Mediation Act: 2003 Uniform Money Services Act: 2000 Uniform Multiple-Person Accounts Act: 1969, 1989 Uniform Nonprobate Transfers On Death: 1989 Uniform Parentage Act: 1973, 2000 Uniform Partition of Heirs Property Act: 2010