What is the opposite of a community property state?

Non-community property states follow equitable distribution rules. Most states follow Equitable Distribution rules which classify jointly owned property as marital. The non-community property states or separate property states characterize property earned by a wife or husband as her or his individual separate property.

What is the difference between a common law state and a community property state?

Under a common law property system, assets acquired by one member of a married couple are deemed to belong to that person, unless they were put in the names of both. Common law property contrasts with a community property system, which treats assets acquired during a marriage as belonging to both partners.

Why are some states community property states?

In community property states, spouses are considered joint owners of nearly all assets and debts acquired in marriage. However, most states use common law, which allows spouses to own property individually. The type of law your state follows dictates how property is divided upon divorce or death.

What are spousal States?

If you are a married homeowner in a Spousal State, your spouse has to sign certain documents to attest that he or she knows about the new loan. Typically, the spouse will need to sign the Deed of Trust, the Right to Cancel, the Truth-In-Lending (TIL), and various title and settlement documents.

Which US states are not community property states?

California, Nevada and Washington also include domestic partnerships under community property law. Though not a community property state, Alaska does have an opt-in community property law.

What is considered community property?

So, if one of the spouses inherited a property during the marriage, his/her future spouse will not co-own that property as well as the fruits and income therefrom. Property for personal and exclusive use of either spouse. Jewelry is not considered excluded under this; hence, it is part of the community property.

What are the non spousal States?

Community property states include: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, any assets acquired by spouses throughout their marriage is labeled as community property, regardless of who buys it.