What is the formula of community property?
A + B = B + A (Addition)
What is considered community property in California?
Community property generally is everything that spouses or domestic partners own together. It includes everything you bought or got while you were married or in a domestic partnership — including debt — that is not a gift or inheritance.
What is community property with right of survivorship?
Property that is jointly owned by both spouses; and on the death of one spouse their 1/2 share will pass directly to the other spouse without going through probate. For example, Husband and Wife own a house in a community property state. Each owns 1/2 of the whole house.
Is Oregon a community property state?
While the division of assets– including real and personal property– in Oregon divorce cases can vary depending on the length of the marriage and other specific facts from the case, Oregon is not a community property state.
What is an example of community property?
Examples of community property include: real estate , home furnishings, vehicles, bank accounts , investment accounts, credit card debts, student loans, car payments , and some retirement plans.
What is the rule of commutative property?
The commutative property is a math rule that says that the order in which we multiply numbers does not change the product.
How long do you have to be married to get half of retirement?
How long does someone have to be married to collect Social Security spouse benefits? To receive a spouse benefit, you generally must have been married for at least one continuous year to the retired or disabled worker on whose earnings record you are claiming benefits. There are narrow exceptions to the one-year rule.
What are my rights if my name is not on the mortgage?
Real estate owned prior to marriage remains separate property. If your name is not on your home’s title for these reasons, you would not own the home; neither would you be held responsible for loan repayment or any other lien placed on the property, even if it resulted in foreclosure.
Which is better joint tenancy or community property?
Generally, property held as community property with right of survivorship has tax advantages over a joint tenancy. In a joint tenancy, when one spouse sells property that was held jointly prior to the death of the other spouse, a portion of the profit is subject to capital gains tax.
Can right of survivorship be challenged?
Yes. However as stated above, it is very difficult to challenge the right of survivorship. In the case of a house deed with the right of survivorship, the right of survivorship will prevail over last wills and testaments as well as other [subsequent] contracts that may contradict the right.
Who gets the house in a divorce in Oregon?
In Oregon, the court will presume that the spouses contributed equally to the acquisition of most property during marriage, regardless of what title says. Property acquired equally will be split equally. The only assets left out of this presumption are gifts to one spouse that are always kept separate.
What is considered community property in Oregon?
Community property states view all property and debts acquired during a marriage as belonging equally to both spouses. The law presumes joint ownership, no matter who acquired a particular asset.