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
A roof forming a triangle from the eaves to the ridge of the roof. ...
People say time is money. The old-age cliche applies more than ever in our case as we define what the Time Value of Money (TVM) means. You’ll find the term time value for money ...
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
lease computed as a percentage of the underlying appraised property value. Under the terms of a reappraisal lease, the rent is periodically adjusted using an independent appraisal of the ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
Directing the bank not to pay a check when presented at the bank. There is a service charge for this. If a contractor loses the check given to him, he may ask that the payor stop payment ...
Generally, a legal notice implies a method of official notification to an individual, organization, company, or the public that a particular event is about to occur. We can call a ...
In real estate terms, many consider having corner influence an extra financial advantage when it comes to transactions in most cases. Usually, enjoying a corner influence brings an ...
Documentation of zoning requirements and changes thereto. ...
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.