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| Sandy Gadow, a featured guest on CNN's "Open House," and a speaker on national radio as the escrow expert, has more than 25 years experience in escrow, title and real estate. A licensed mortgage broker and real estate sales associate, Sandy is a member of the American Land Title Association, the National Association of Realtors, the California Escrow Association and on the advisory council for the Escrow Career Center. She is the author of The Complete Guide to Your Real Estate Closing and specializes in assisting the American as well as international client. If you have questions for Sandy see our Ask Sandy page.
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Do I Live In A Community Property State?
Holding title to real property as Community Property is a type of
ownership available to married couples only. There are currently nine
states which offer Community Property status. These states are:
Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, Washington and Wisconsin. The "marital property
act" defined Wisconsin as a community-property state, but individual
circumstances will dictate how this act is interpreted.
The property laws in these nine states look at property purchased during
a marriage as community property and both husband and wife have an equal
right to possess the property during their marriage. In some states, upon
the death of either spouse, the surviving spouse automatically receive half
of the community property. With community property, neither spouse may sell
his or her own share. To transfer the property to someone else, both husband
and wife must sign the deed. When one spouse dies and leaves no will, the
surviving spouse may acquire the property, but unlike joint tenancy, either
spouse may will his half interest to others if he or she so chooses.
Community property laws may become complex, especially when dividing up
assets upon a dissolution of the marriage. You may have heard of the
divorced couple in which the ex husband filed for his share of the proceeds
of the lottery winnings of his former wife. Apparently, his wife had won the
lottery, while they were still married, and failed to tell her husband of her
winnings. They then divorced and the wife did not reveal these lottery
winnings as assets at the time of the dissolution. The husband found out
some time later, filed for his share in court, and was awarded the full
amount of the lottery money. This occurred in a Community Property state,
where all assets of a married couple acquired during the marriage are
considered "community property." If you have any doubts as to Community
Property law in your state, you may want to consult with an attorney, to be
certain what the implications are of holding title as community property.
Copyright © 2004
Sandy Gadow. This column may not be resold,
reprinted, resyndicated or redistributed without the written
permission from Escrow Publishing Company.
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