Don't Get Fleeced: Characteristics Of A Martial Community Property Relationship
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Bob Miles
Apr 19, 2013, 6:20:07 PM4/19/13
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Article Title: Don't Get Fleeced: Characteristics Of A Martial Community Property Relationship
Author: Bob Miles
Word Count: 454
Article URL: http://www.isnare.com/?aid=152223&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=152223
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If you are married and you live in a community property state, then you should know something about the law of community property. It can get pretty complex, and the law varies somewhat from state to state. Nevertheless, following are some characteristics that may help you understand community property law a little better.
1.Joint Management and Control of Property
Neither spouse may unilaterally control or dispose of the marital property � the consent of both spouses is required. For example, if your house is community property (generally speaking, if it was not a gift and if it was acquired with money that was earned by either spouse during the marriage), then your spouse will have to execute the deed in order for you to sell it � you cannot transfer the deed by yourself.
2. Severance
It is commonly thought that �community property� means that each spouse owns 50% of the marital property. Of course that is an oversimplification, but in any case even when there is a 50/50 split, it applies only after divorce. While you�re still married, it all belongs to both of you. What this means in practice is that, for example, you cannot force your wife to sell your house and split the proceeds 50/50 so you can get your �cut� - you have to either divorce her or get her to consent to the sale.
3. What happens if one spouse dies?
If one spouse dies without a will, the dead spouse�s 50% interest in the community property will go to the surviving spouse, meaning that the marital property will now be 100% owned by the surviving spouse. But while alive, either spouse may will his/her half interest in the community property to another to take effect at death. Some states have laws limiting this right.
4. Can creditors seize the marital property to satisfy the debts of one spouse?
It depends on the nature of the debt. If the debt belongs to Husband Hal (if, for example, it was taken out before the marriage, or in some cases if assets acquired by Hal before the marriage are used as collateral to secure a debt), then Hal�s creditors can seize that property to satisfy the debt. If, on the other hand, the debt belongs to the marital community (for example, a family home acquired after the marriage), then Hal�s creditors cannot seize the marital property to satisfy a debt that belongs to Hal alone. That also means that they cannot sell the marital property, take 50% of it, and return 50% to Hal�s wife.
DISCLAIMER: The following is intended for reference only and not as legal advice.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also ttp://realpropertylaw.blogspot.com/2007/05/community-property-law-in-nutshell.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152223
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Bob Miles
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=152223
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=152223
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Don't Get Fleeced: Characteristics Of A Martial Community Property Relationship
Author: Bob Miles
Word Count: 454
Article URL: http://www.isnare.com/?aid=152223&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=152223
Easy Publish Tool: http://www.isnare.com/html.php?aid=152223
*********************** ARTICLE START ***********************
If you are married and you live in a community property state, then you should know something about the law of community property. It can get pretty complex, and the law varies somewhat from state to state. Nevertheless, following are some characteristics that may help you understand community property law a little better.
1.Joint Management and Control of Property
Neither spouse may unilaterally control or dispose of the marital property � the consent of both spouses is required. For example, if your house is community property (generally speaking, if it was not a gift and if it was acquired with money that was earned by either spouse during the marriage), then your spouse will have to execute the deed in order for you to sell it � you cannot transfer the deed by yourself.
2. Severance
It is commonly thought that �community property� means that each spouse owns 50% of the marital property. Of course that is an oversimplification, but in any case even when there is a 50/50 split, it applies only after divorce. While you�re still married, it all belongs to both of you. What this means in practice is that, for example, you cannot force your wife to sell your house and split the proceeds 50/50 so you can get your �cut� - you have to either divorce her or get her to consent to the sale.
3. What happens if one spouse dies?
If one spouse dies without a will, the dead spouse�s 50% interest in the community property will go to the surviving spouse, meaning that the marital property will now be 100% owned by the surviving spouse. But while alive, either spouse may will his/her half interest in the community property to another to take effect at death. Some states have laws limiting this right.
4. Can creditors seize the marital property to satisfy the debts of one spouse?
It depends on the nature of the debt. If the debt belongs to Husband Hal (if, for example, it was taken out before the marriage, or in some cases if assets acquired by Hal before the marriage are used as collateral to secure a debt), then Hal�s creditors can seize that property to satisfy the debt. If, on the other hand, the debt belongs to the marital community (for example, a family home acquired after the marriage), then Hal�s creditors cannot seize the marital property to satisfy a debt that belongs to Hal alone. That also means that they cannot sell the marital property, take 50% of it, and return 50% to Hal�s wife.
DISCLAIMER: The following is intended for reference only and not as legal advice.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also ttp://realpropertylaw.blogspot.com/2007/05/community-property-law-in-nutshell.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152223
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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