Community property is a marital property regime where most property is acquired during marriage (excluding gifts or inheritance), community , or communio bonorum , jointly owned by both partners and divided into divorce, cancellation, or death. Shared ownership is automatically deemed by law in the absence of special evidence that will lead to conflicting conclusions for a particular piece of property.
The distribution of community properties may occur by an item separating all items or by value. In some jurisdictions, such as California, the 50/50 division of community property is strictly required by law so the focus then shifts to whether certain items should be classified as separate communities or properties. In other jurisdictions, such as Texas, divorce courts may decide a community's "equitable distribution", which may result in such unequal divisions. In non-community state property properties can be shared with a fair distribution. In general, the property brought by every couple into marriage or received with gifts, testament or designing during marriage is called separate property (not community property). View property sharing. The distribution of public debt may not be the same as the distribution of public property. For example, in California, community property is needed to be shared "equally" while public debt is required to be shared "fairly".
Properties owned by a couple before marriage are sometimes referred to as "separate properties" of the couple, but there are instances where people can earn interest in separate properties and even situations where separate property can be "transmuted" to belong to the community. Rules vary from jurisdiction to jurisdiction.
Video Community property
Basis
The concept of community ownership comes from the jurisdiction of civil law but is now also found in some common law jurisdictions. US states that recognize community property primarily in the Western United States; it was inherited from the Mexican ganancial system, which was inherited from Spanish law (the civil law system derived from Rome) and finally from the Visigothic Code. While under Spanish control, Louisiana adopted a system of acceptance and benefit of the ganancial community, which replaced the traditional French community of movement and access in the civil law system.
The public property system is usually justified by the pragmatic recognition that such joint ownership recognizes the theoretically theoretical contributions of both partners to the creation and operation of the family unit, the basic component of civil society. The view of the majority of counterparts in most US states, as well as federal law, which is based on traditional American family values ​​and gender roles, is that marriage is a sacred entity in which a man assumes an "entrenched" i> moral the obligation to support his wife and child, while the right of the people's property essentially reduces marriage to the "amoral business relationship".
Maps Community property
Jurisdiction
In the United States there are nine state properties: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaska also adopts a community property system, but it is optional. Couples can create community properties by entering into community property agreements or by creating community property trust. In 2010, Tennessee adopted a law similar to Alaska and allowed residents and non-residents to vote into community property through community property trust. The Puerto Rican Commonwealth allows property to be owned as a community property as well as some Native American jurisdictions. In the case of Puerto Rico, the island has been under the law of community ownership since its settlement by Spain in 1493. The US Supreme Court ruled that a similar law allowing couples to vote for community property systems under Oklahoma law would not be recognized for federal income reporting purposes tax. Harmon decisions should also be applied to the Alaska system for revenue reporting purposes.
If the property is owned as a community property, each pair technically has an undivided interest in the property. This type of ownership applies to most properties acquired by each pair during marriage. This generally does not apply to property acquired prior to marriage or to property acquired through gifts or inheritance during marriage. After the divorce, community ownership is shared equally in some states and in accordance with court policies in other countries.
It is important to remember that no two state-ownership of the population with the exact same law on this matter. Laws or court decisions in one country may be completely contrary to other state laws on a particular legal matter. For example, in some countries of community ownership (called the "American Rules" state), revenues from separate properties are also separate. In other countries (the so-called "Civil Law" states), income from separate property belongs to the community. The creditor's right to attain a society property in debt satisfaction or other obligations borne by one or both partners also varies from state to state.
Community properties have certain federal tax implications, discussed by the Internal Revenue Service in 555 Publications. In general, community property may result in lower federal income taxes after the death of a spouse when the surviving spouse then sells the property. Some countries have created a newer form of community property, called "community property with survival rights." The form holding this title has some similarities to the rental along with the right of survival. The rules and effects of holding titles as community properties (or other forms of co-ownership) vary from one state to another.
Because the property law of society affects the property of all married people in the countries in which it is applicable, it can have substantial consequences for the dissolution of marriage from the perspective of the couple being forced to share valuable assets which he thinks separate property. One of the most spectacular examples of this in recent memory is the ownership dispute of Los Angeles Dodgers 2011, in which Frank McCourt paid his ex-wife Jamie McCourt about $ 130 million to avoid a trial on whether the Los Angeles Dodgers actually belonged to the public after the court ruled that the McCourts prenuptial agreement was invalid. Indeed, one sign of the importance of community property is that the states of California, Idaho, Louisiana, and Texas have made it mandatory subjects on their bar checks, so that all lawyers in those countries will be able to educate their clients appropriately.
Problem
Often a new couple get a family home. If marriage ends in subsequent years, there may be problems of community ownership that are difficult to solve. For example, there are often separate property contributions; or a legal title may be held on behalf of one party and not the other. There may also be important inheritance or gifts from the family of one partner during marriage, which results are used to purchase the property or pay the mortgage. The applicable law of cases and formulas varies among the jurisdictions of the community to apply to this and many other situations, to determine and divide the community and separate property interests in residence and other property.
Community property issues often arise in the process of divorce and disputes after the death of one spouse. These disputes can often be avoided with the proper planning of property over the life span of the couple. This may or may not involve a probate process. The property acquired before marriage is separate and belongs to the spouse who earned it. Property acquired during marriage is allegedly belonging to a community estate unless it is acquired by inheritance or gift, or by exchange for other separate properties. This definition causes many problems that are difficult to ascertain. For example, where a couple has a business when married, it is distinctly separate at that time. But if the business grows during the marriage, then what about the additional properties acquired during the wedding? Are they not the work of couples? What are some of the funds used to pay for community property funds while some of those funds are separate properties?
A community property may consist of properties of all types, including real property ("immovable property" within the jurisdiction of civil law) and private property ("movable property" within the jurisdiction of civil law) such as accounts at financial institutions, stocks, bonds and cash.
Retirement or first allowance may be obtained before marriage. But if the contribution is made to the community property during the marriage, then the result is a partially and partly owned property of the community. After a divorce or death party for a wedding, there are rules for division.
Choice is also difficult to ascertain. The stock option is the right to buy the company's shares at a fixed price. Companies with growth potentials sometimes provide stock options as compensation to employees, at a time when there is not enough money to pay the appropriate salary. By accepting stock options for compensation, an employee invests his own confidence in the belief that he or she will help make the company get higher marks. After that, employees work and contribute value to the company. If the company then obtains higher stock valuations, then the employee can "monetize" his options by selling them at fair market value. Employee confidence in future value is motivating his work without direct compensation. It has value. If the marriage is terminated before the stake is cashed, then the parties must decide how to divide the community's portion of the options. This can be difficult. Cases of legal precedents are not yet available for all situations involving stock options.
Quasi-community property
The quasi-community property is a concept recognized by some community property status. For example, in California, the quasi-community property is defined by law as
all real or personal property, wherever located, is obtained before or after the date of operation of this code in any of the following ways:
(a) by one spouse while domiciled elsewhere which belongs to the public if the spouse obtaining the property has been domiciled in this state at the time of acquisition. (B) In exchange for real or private property, wherever located, shall belong to the public if the spouse acquiring the property so exchanged has domiciled in the country at the time of the acquisition.
Typically, the property is treated as if it belonged to the community at the time of divorce or death of a spouse, but in California, at least, property acquired at marriage and domiciled in a non-community property jurisdiction does not belong to the public simply because the married party moves to the property jurisdiction community. This is a new event of divorce or death while domiciled in a state of community ownership that allows the country to treat the property as a quasi-community property. In 2018, only California and Arizona have such laws.
See also
- Van Camp Accounting, one of two methods used in California to determine the interest of community property in a separate business, where one partner has contributed labor to the business
- Pereira Accounting, another such method
- New marriage community in France
References
Source of the article : Wikipedia
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