Oregon Deed Conveying Property held by Spouses as Tenants in Common to Husband and Wife as Community Property

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US-1159BG
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Description

Community property refers to the system in some states (e.g., Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) for dividing a married couple's property in a divorce or upon the death of one spouse. In this system, everything a husband and wife acquire once they are married is owned equally (fifty-fifty) by both of them, regardless of who provided the money to purchase the asset or whose name the asset is held in, with the exception of inheritances, specific gifts to one of the spouses, and property and profits clearly traceable to property owned before marriage, all of which is separate property. 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

In such states, the concept of community property (sometimes referred to as marital property) is used in its place. Community property is essentially any property that's considered to be ?owned by the marriage? because it was acquired or created during marriage.

TENANTS IN COMMON ORS 93.180 provides that persons who are unmarried and take title together are presumed to be tenants in common, that is, each has an equal undivided interest in the property, but this may be spelled out, e.g., John Doe, Fred Jones, and Mary May, each as to an undivided one-third interest, as tenants ...

In a tenancy by the entirety, the right of survivorship cannot be terminated by an involuntary partition. Tenants with right of survivorship are not obligated to continue a concurrent ownership and are not required to sell only their interests to sell themselves from the co-tenancy.

Ownership by ?tenants in common? means that as each co-owner dies, their interest goes into the decedent's own estate for distribution to his or her heirs, or the person(s) designated in the will.

A joint tenancy creates a right of survivorship, which means that if one party dies, their interest is automatically transferred to the surviving tenant(s). Joint tenancy is different from a tenancy in common, where a deceased tenant's share is passed on to their heirs.

Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property. Not every deed that describes the co-owners as joint tenants is sufficient to create a joint tenancy.

An Oregon domestic partnership couple may take title as tenants in common or with rights of survivorship, but should state their election expressly in their deed, e.g., John Doe and Fred Jones as tenants in common or John Doe and Fred Jones as Oregon registered domestic partners with the right of survivorship.

Community property under California state law, such as real estate purchased during a marriage or domestic partnership, is a joint tenancy arrangement. Each of the owners shares equal interest in the property and are both named on the same deed.

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Oregon Deed Conveying Property held by Spouses as Tenants in Common to Husband and Wife as Community Property