Treatment of Jointly Held Marital Property Flashcards
TREATMENT OF JOINTLY HELD MARITAL PROPERTY DURING MARRIAGE DISTRIBUTION OF JOINTLY HELD MARITAL PROPERTY WHEN COMMUNITY TERMINATES
JT: Treatment of property during marriage
Both spouses have a concurrent equal and undivided interest in the entire property.
One or both members may sever joint tenancy by transferring his or her interest, creating a tenancy in common between shareholders
JT: Distribution of property at divorce
Court severs joint tenancy at divorce and property is divided evenly between spouses (or domestic partners). Property can be sold and proceeds divided, or one spouse can buy out the interest of the other spouse.
In rare cases, the couple may choose to continue to own the property as joint tenants after divorce.
JT: Distribution of property at death
Surviving spouse takes share held by decedent spouse by right of survivorship.
Survivorship is triggered automatically by the death of the decedent spouse.
Decedent spouse cannot will his or her share to a third person
TIC: Treatment of property during marriage
Each spouse owns a share of the property. Generally, spouses own equal shares.
Either spouse can freely alienate (transfer) his or her share to another person during the marriage.
TIC: Distribution of property at divorce
Each spouse receives his or her share of the tenancy in common. For married couples, this generally means each spouse receives one-half of the property.
Property can be sold and proceeds divided, or one spouse can buy out the interest of the other spouse.
TIC: Distribution of property at death
Decedent spouse can will his or her share to a third person.
Alternatively, decedent spouse can, of course, will his or her share to surviving spouse.
If decedent spouse dies without a will (intestate), his or her share will be considered SP and will go to the decedent’s heirs. In most intestate succession schemes, this actually means that the surviving spouse would receive some portion of the decedent spouse’s share (1/2 to 1/3).
CP: Treatment of property during marriage
Either spouse can alienate or transfer his or her share to another person, subject to some restrictions, including permission of the other spouse for real property transfers.
CP: Distribution of property at divorce
Each spouse receives his or her own one-half of the community property.
Property can be sold and proceeds divided, or one spouse can buy out the interest of the other spouse.
CP: Distribution of property at death
Decedent spouse can will his or her share of community property to a third person.
Alternatively, decedent spouse can, of course, will his or her share to surviving spouse.
If decedent spouse dies without a will (intestate), his or her share will be considered SP and will go to the decedent’s heirs. In the California intestate succession scheme, this means that the surviving spouse would receive all of the community property (she already owned her share, and now she would receive the decedent spouse’s share of CP as well).
CPwRoS: Treatment of property during marriage
During marriage, either spouse can alienate (transfer) his or her share to another person, just as with ordinary community property ownership.
CPwRoS: Distribution of property at divorce
Each spouse receives his or her one-half of the property.
Property can be sold and proceeds divided, or one spouse can buy out the interest of the other spouse.
CPwRoS: Distribution of property at death
Surviving spouse receives the share of decedent spouse by right of survivorship, just as in joint tenancy