Welcome to this installment of clarifying tax situations with attorney and CPA David W. Claw. So, how do community property and separate property rules affect a divorce in the United States? There are currently nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In its most simplistic form, community property is a state statute that mandates concurrent form of ownership between husband and wife. In community property states, the earnings of the husband and wife are considered community property and are equally divided between the spouses during marriage. Any assets that are purchased during marriage with community property funds remain community property. On the other hand, separate property can consist of property that was acquired before marriage, property that's inherited during marriage, or property that's received via gift during marriage. Even works brought into a community property state remain separate property if the property has been kept segregated and not commingled with community property assets. In such cases, any income generated by a separate property asset is considered separate property income and belongs to the spouse that owns the separate property. Under California Family Code 125, California divorce can treat property that is acquired in a common law state as community property if it would have been considered community property had it been acquired in California instead of out of state. It's important to note that separate property in California also includes situations where separate property is sold and new property is acquired using the proceeds from the sale of separate property. However, if the new asset is commingled with community property assets, it may lose its distinction as separate property and become community property, especially when it's not separately identifiable. In California, separate property can be improved with either community property assets or community property labor. In such cases,...
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New mexico real estate statutes Form: What You Should Know
Property is sold or transferred only by the following of a certain length of time after the closing date: (description). Property (title) is not transferable under the following: (description). Sale or transfer of (title) not in conjunction with real estate in possession by (description). (Title is) not exempt from the following: (description). (Title is) transferable by deed, bill, or mortgage, provided the title can be obtained by the holder on the closing date, and (title) must be properly registered at the county recorder's office, or title must be assigned, transferred or assigned under the terms of a power of sale or to the real estate. New Mexico Real Estate Commission — NM RLD The New Mexico Real Estate Commission was created by state law in 1959 and to complete required forms or applications to obtain licenses or permits, to take a required course or examination, to register a real estate broker or broker representative, to register an agent, to make necessary licenses or registrations for a real estate license, and to perform other real estate related activities. The Commission had jurisdiction over any real estate sales, leases, and negotiations and the granting, amending, and revoking of licenses at the county level. New Mexico Real Estate Commission (2018) :: Section 47-1-44 New Mexico Property Code Chapter 47 — Property Article 1 — Conveyances and General Provisions § 47-1-44.1. Sale or transfer of title is not exempt from certain taxation. (a) A sale, transfer, assignment, or other disposition of real estate, including land, is not exempt from property taxes which is assessed on the real estate at the time of sale, transfer, assignment, or disposition unless the real estate was conveyed, sold, transferred, or assigned by any person or persons having legal title to the property, or if the property was sold, transferred, or assigned before December 12, 2013, the transfer or assignment did not reduce or eliminate the liability of the owner of the real estate for other property taxes, or if the prior owner received the required annual statement as required under Section 7-11-17.2 on or before the last day of March of each year.
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