Marital Deduction
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax for transfers of a decedent.
Popular Real Estate Terms
The basic home inspection definition is well-known for everyone, right?However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the ...
Legal suit in which the plaintiff sues the defendant for some reason. A counterclaim of litigation is to exercise one's legal rights. There are many causes for litigation including damages ...
The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. ...
Property highly leveraged. An example is when a landlord buys an apartment house paying minimum cash payment down and the balance on mortgage. ...
Similar property. Comparing like property. properties that are side by side but do not meet. They are in the same direction with a constant distance. ...
Outside layer or covering for a structure. It may be a coating of material for protection against inclement weather. ...
the loan rate stated on the face of the loan note. The nominal loan rate is not the same as the effective interest rate. For example, if points are charged to secure a loan, the effective ...
A binding judicial determination of the rights and standing of litigants. A declaratory judgment does not result in any relief for the action brought before the court. It merely ...
Agreement to exchange real estate upon specific terms. ...
Comments for Marital Deduction
If an owner gets married after they bought a home, now divorcing does the other have rights to property?
Feb 05, 2020 09:53:02Hey, Carolyn! Well, it depends. It is common for couples to decide between them how they are going to the divided property. But, if they cant come to an agreement, the property dispute is taken to court. Here is where things are decided a bit differently in some states compared to others. There is the so-called, community property and equitable distribution. The community property scheme is used by courts in Alaska, Arizona, California, Idaho, Nevada, Louisiana, Texas, Mexico, Washington, Wisconsin, and Puerto Rico to settle property disputes. In these states, the property can be classified as community property or property equally owned by both spouses or it can be classified as separate property of one spouse. If the couple goes through a divorce, community property is divided equally between the spouses and each spouse gets to keep their separate property. On the other hand, courts in all the other states use a scheme called equitable distribution. This means that assets, earnings, and property accumulated during a marriage is fairly distributed between the spouses at divorce, but not necessarily equally. In some cases, judges might ask one of the spouses to use separate property to make a fair settlement. The division is not necessarily physical, but rather it refers to the value of the property, therefore one spouse might receive a percentage of the total value of the property. We have an article about divorce and real estate that talk about these things more in-depth, so you might want to check it out.
Apr 10, 2020 09:23:19Have a question or comment?
We're here to help.