Community Property Agreement In Washington State In North Carolina
Description
Form popularity
FAQ
Generally speaking, in North Carolina, spouses who own assets prior to getting married take their assets with them when they go, UNLESS they make the asset a gift to the marriage, in which case it likely becomes marital property.
In North Carolina “marital property” is defined in §50-20(b)(1) of the North Carolina General Statutes as all real property and personal property that was acquired by either, or both spouses during a marriage, and owned at the date of separation, except any separate or divisible property.
North Carolina marital property laws do not recognize community property, which gives the parties more options for how marital property is divided in a divorce.
When you live in a community property state and file separate returns, you each must report 50 percent of your spouse's income and half of income generated by community assets, plus all of your separate income. The IRS has an allocation worksheet to simplify your calculations in Publication 555 Community Property.
Under North Carolina law, unmarried couples can be designated as joint tenants or tenants-in-common. While joint tenants share the property equally, tenants-in-common each own a specific percentage of the property.
The basic rule of community property is simple: During a marriage, all property earned or acquired by either spouse or domestic partner is owned 50-50 by each spouse or partner, except for property received by only one of them through gift or inheritance.
The surviving spouse (or his/her written designee) is entitled to manage the community property in the Decedent's probate estate regardless of any provision in the Decedent's Will to the contrary (RCW 11.28. 030).
Washington treats inheritances the same as gifts. An inheritance to one spouse is that spouse's separate property, regardless when it occurs. Unlike gifts, there tends to be little argument whether the inheritance was to one spouse or both spouses.
