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
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
"Same as term bridge loan: Short-term loan that is made in anticipation of permanent longer term loans. The interest rate on such a loan is usually higher than on longer term loans. An ...
A lien is a legal instrument by which one party – usually lenders and creditors - guarantees the obligation of a real estate owner to do something – generally repays the money. ...
When two or more individuals simultaneously have rights in a property unit (e.g., apartment),. The individuals sharing the property have legal privileges and responsibilities to each other. ...
Offering of new securities of a real estate company to the investing public, after registration requirements have been filed with the SEC. the securities are usually made available to the ...
percentage relationship of a specific part of property to the whole property. An example is the square footage of one office to the square footage of all offices in an office building. ...
The endorser stipulates something such as that the transferee cannot use the funds for six months. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
An official indicating intensity of land use in a zoned urban area. ...
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.