Aero Mayflower Transit Co. San Antonio Log In Sign Up. Toggle navigation. By Bills Staff. Community Property States Source: Bills. Community Property at a Glance In community property states, the presumption is wealth or debt created during the marriage is part of the community property. Texas community property falls into two classes: Special community property General community property Special community property is property under the management of one spouse.
Whose debt is it? When was the debt incurred? Time-Out For An Example. What type of debt is it? Time-Out For Another Example. Are there any other substantive, nonmarital rules of law that would make one spouse personally liable for the debts of the other spouse? Source: IRS and Bills. Tricky to analyze. See the the discussion "When was the debt incurred" above. Husband or wife liable for debts of other incurred during marriage? Depends on the nature of the debt.
See the discussion "What type of debt is it? When do spouses become subject to state community property laws? When the spouses are married and domicile in the state. Does the state recognize common law marriage? To qualify, spouses must cohabit in Texas, agree to be married and represent that they are married. Parties to a common law marriage must obtain a divorce or annulment to terminate the marriage. Does the state recognize some from of domestic partnership as an alternative to marriage? Does a domestic partnership under state law create community property rights and obligations?
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When does the community property regime terminate causing subsequently acquired assets or future income to no longer be characterized as community property? Change of domicile, death, decree of divorce or annulment. How is post marital income generated from separate property e. Community property. How does the state characterize appreciation in the value of separate property? Separate property. If community property funds are used to acquire or improve the asset, when the marriage is terminated by death or divorce, a claim for economic contributions exists.
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How does the state characterize property taken by spouses under a deed reflecting that the property is held in joint tenancy? Depends on source of funds used to acquire property. Community property remains CP unless a written agreement to partition is first executed. Otherwise property is CP with a right of survivorship. How does the state characterize property taken by spouses under a deed reflecting that the property is held in tenancy in common? Community property, unless a written agreement to partition is executed.
Property purchased with separate and community funds is owned as tenants in common. Does a deed taken in the name of one spouse as sole and separate property create separate property? Only if the deed also contains a recital that the consideration was paid from separate funds of that spouse. If so, the property is then presumed to be separate.
Does the state recognize pre or post marital property characterization agreements? What is community debt? A husband and wife may have heard the term once or twice and may have even found the term online. The term "community debt" not only implies that both spouses are personally liable for the debt of the other, but it also implies that creditors may reach all nonexempt community property to satisfy a debt. Such a statement provides spouses with a false sense of security that their personal property may not be liable.
However, this is not necessarily true. Thus, this term has done nothing more than confuse spouses.
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In Texas, spouses may ask themselves four simple questions that can provide them with some form of answer to the overly complex issue of "what property is liable for which debts? The next set of questions spouses may ask include what is separate property? What is sole-management community property? What is joint-management community property? Separate property is generally referred to as property owed or obtained by a spouse prior to the marriage. More specifically, property is deemed to be the separate property of the spouse if the spouse has sole management, control, and disposition of that property.
Sole-management community property is property that a spouse would have owned if he or she were single. Examples generally include wages and income from a spouse's separate property.
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Sole-management community property is often referred to as "special community property. Just because property may be classified as sole-management community property does not mean that your spouse no longer has a claim to the property upon divorce. This is another matter. Joint-management community property is sole-management community property that has been commingled with other property. In other words, joint-management community property is subject to each spouse's control and disposition.
Community Debt: It does not exist What is community debt?
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To make it clear, "community debt" simply does not exist. Who is liable for what? Was it incurred prior to or during the marriage?