Boyes, Farina & Matwiczyk

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Monthly Archives:November 2018

Timing Matters with Community Property Claims

November 19, 2018

Several states and foreign jurisdictions recognize the concept of “community property.” Community property generally consists of any property purchased during a marriage, as well as any income received or debts incurred. However, it generally does not include assets or debts acquired before the marriage, or inheritances or gifts received by one spouse during the marriage. When a spouse dies, the survivor is entitled to half of any assets falling within the community property guidelines.

Florida is not a community property state, but state law provides that assets qualifying as community property in other jurisdictions be recognized as such when a spouse passes away….