In a marriage, you should share your property along with your emotions, room and other things. Thus, it’s important to become aware of community property state laws, as almost 25% of Americans live under community property states. According to the community property state law, marital property will be divided equally between a couple in a divorce case. It has great impact on personal property ownership, debt, divorce, death and inheritance as well.
In the US, there are total9 community property states:
Community property is the whole asset that a husband and wife owns together. It can bemoney that they have earned,property they have acquired,debts that they have, so on. According to the community, state, these are considered as the joint property of a married couple:
As per the community state law, these things will remain separate.
Community property lawssplits assets as 50:50 in divorce. Business interest, pension plans (401k plans) also fall under the community property state laws. Most of the cases, unless both (husband and wife) agree on the subject of distribution of property, the community property will sell. This happens only when the couples decide to proceed as per the divorce terms.
As per the Community property law, the surviving spouse of any community property state is proposed to own the property owned by both of them or by the expired person.
Butin non-community property states,laws stop spouses to excluding other partner for property. As per this law, the surviving spouse will get a minimum of one-half or one-third of the spousal property.