The definition of “community ” property’
Municipal ownership refers to the state level in the US, legal segregation of assets of a married man. Property acquired by a spouse during marriage is community property belonging to both partners in the marriage. Common property is also known as marital property.
Breaking down the ‘community property’
In jurisdictions of the common property, each spouse in a marriage owns a share of the marital property, including any financial or real assets acquired during the marriage. In some jurisdictions, such as California, community property is divided strictly in half, with each spouse gets 50 percent of the assets are marital property. In other jurisdictions, such as Texas, the judge may divide the property 60/40, 70/30, or otherwise that he or she considers fair for both spouses.
Usually, gifts, inheritance and property, one of the spouses is considered joint property. Property acquired before marriage is not considered community property, although in some countries, these assets can be replaced by common property. Debts acquired during marriage may be considered joint property.
For example, the Ira in the name of the person with the spouses acquired during marriage is considered joint property. As a rule, spouses Retirement account owner who lives in the community and marital property state must be the sole primary beneficiary the investment account designated as marital property if the spouse gives written consent to someone else is appointed as the chief beneficiary retirement account.
The objectives of the municipal property
The concept of joint ownership exists to protect the rights of the spouses. It originated in Spanish law, the civil law system stemming from Roman civil law and the Visigothic Code. He recognizes that both spouses contribute to the marriage in different ways, and is seen as a contribution financially equal before the law. For example, common property is considered a contribution to the material support of the husband who provides the family and household of the spouse who is caring for children and watching the family as equal, awarding both spouses to a share of the marital property, even though the homemaking spouse may not bring financial or other assets in the marriage.
Jurisdictions in the United States
In the United States, nine States have a law On municipal ownership. They are:
- New Mexico
Alaska has an optional system of communal property in which spouses may agree on the conduct of part or all of the common property of the spouses in General by creating a community property trust management agreement or community property. Tennessee and Oklahoma have a similar system.