Community Property Flashcards
What is the definition of Bigamy?
Entering into a marriage with one while legally married to another
Bigamy is considered a criminal offense in many jurisdictions.
What does it mean to Vitiate?
To destroy the legal validity of something
Vitiation can occur in contracts, making them unenforceable.
Who are Cohabitants?
Those who live together in an intimate relationship
Cohabitants may or may not be legally married.
What is Transmutation in property law?
A change in the classification of property
Transmutation can affect property rights during marriage or divorce.
What does it mean to Commingle?
To combine into a common fund or account
Commingling can complicate asset division in legal disputes.
What is meant by Pro Rata?
A division made according to a certain share or percentage
Pro Rata is often used in financial distributions.
What does FMV stand for?
Fair Market Value
FMV is the price at which property would sell in an open market.
What is an Encumbrance?
A mortgage or other charge against property or assets
Encumbrances can affect the transferability of property.
What is Whole Life Insurance?
An insurance policy that guarantees coverage at a fixed premium for the lifetime of the individual
Whole life insurance builds cash value over time.
What is Term Life Insurance?
An insurance policy that provides coverage at a fixed premium for a limited time
Term life insurance does not build cash value.
