Wills and Estates
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This is not a substitute for legal advice. An attorney
must be consulted. To find an attorney in your area,
please CLICK
HERE.
What is community
property?
You acknowledge that LAWCHEK™ owns all rights, title, and interest, including and without limitation all intellectual property rights (as defined below), in and to the forms and information (including LAWCHEK™ website and brand features, including implied licenses, and excluding items licensed by LAWCHEK™ from third parties and excluding any third party property), and that you will not acquire any rights, title, or interest in or to the legal forms or information or copyrights, except as expressly set forth on the site in regard to using the legal forms for information gathering purposes. You will not modify, adapt, translate, prepare derivative works from, decompile, reverse engineer, disassemble or otherwise attempt to derive source copyright from any LAWCHEK™ services or documentation, or create or attempt to create a substitute or similar service or product through use of or access to this website or proprietary information related thereto. You will not remove, obscure, or alter the LAWCHEK™ copyright notice, brand features, or other proprietary rights notices affixed to or contained within any LAWCHEK™ services, software, or documentation (including without limitation the use of LAWCHEK™ brand features with online legal forms, web hosting services, website html codes, or LAWCHEK™ website copyrights, as applicable). "Intellectual Property Rights" means any and all rights existing from time-to-time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, as well as, any and all applications, renewals, extensions, restorations, and re-instatements thereof, now or hereafter in force and effect worldwide.
This is not a substitute for legal advice. An attorney must be consulted. To find an attorney in your area, please CLICK HERE.
What is community property?
In general, community property means that each spouse acquires a one-half interest in property acquired during the marriage, unless the couple changes this by prior agreement. Nine states have some form of community property laws - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Separate property includes property brought to the marriage and property acquired during the marriage by gift, bequest or descent. At the death of a spouse, one-half of the community property may be disposed of by the Will of the deceased spouse. The earnings by either spouse during the marriage are generally considered community property; however, the income from property and investments is not treated uniformly by all the states. The states also vary their treatment of assets initially acquired as separate property and in cases in which community funds are used to make some payments on the property. When a couple moves from a common law state to a community property state, or vice versa, it is important that they have their estate plan reviewed. It may be important for them to preserve the character of certain assets as community, separate, or common law. They may want to limit the application of the new state's laws to their property. This has been a very general overview of community property, and the reader should consult an advisor familiar with his or her state law since these vary greatly from state to state.
This is not a substitute for legal
advice. An
attorney must be consulted.
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