Different states view assets and debts acquired during marriage and who exactly owns that property differently. There are two different types of state, community property, and common law property. What is a Community Property State? In a community property state, all money earned, assets acquired, and debts incurred during the course of a marriage are equally owned by both husband and wife. At death, all assets go to the surviving spouse unless there is a valid will directing otherwise. A spouse or member of a couple can own separate assets and dispose of those assets as they wish. Gifts and […]
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