Community Property Agreement In Washington State In Pennsylvania

State:
Multi-State
Control #:
US-00036DR
Format:
Word; 
Rich Text
Instant download

Description

In equity sharing both parties benefit from the relationship. Equity sharing, also known as housing equity partnership (HEP), gives a person the opportunity to purchase a home even if he cannot afford a mortgage on the whole of the current value. Often the remaining share is held by the house builder, property owner or a housing association. Both parties receive tax benefits. Another advantage is the return on investment for the investor, while for the occupier a home becomes readily available even when funds are insufficient.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Pennsylvania is known as an equitable distribution state and not a community property state. Our courts divide marital property and debts based on the principles of equity.

The United States has nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

In Pennsylvania, property owned by one spouse before marriage is considered separate property. This means that your partner's home is his separate property, and you do not have any legal right to it unless you take steps to acquire an interest in it.

Property inherited by just one spouse or partner, but not the other (the inheritance is the recipient's separate property); rents, issues, and profits generated by separate property (which become the separate property of the spouse or partner whose separate property generated them);

Nonmarital property, also called separate property, includes assets acquired by either spouse prior to marriage, assets acquired through a gift or inheritance at any time (excluding gifts from one spouse to another during the marriage), and assets acquired by either spouse after the date of separation.

In Washington, real property conveyed to a married person or a person in a registered domestic partnership is legally presumed to be community property. Exceptions to the rule include properties acquired as separate property by gift, bequest or by agreement (see Sole Ownership example 2 above).

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Community Property Agreement In Washington State In Pennsylvania