work sheet to help you do this.
Before you complete the work sheet,
you will need to know some basic
rules governing property ownership.
This way you will be certain of
including only property you
actually own.
The laws of the state where
you maintain legal residence
determine what you own. Property
ownership rules are very similar
from state to state, with the
major exception concerning how
property is owned by married
couples. Most states are called
“common law” states, where the
property is owned by the spouse
whose name appears in the
ownership document. In
“community property” states
spouses typically share ownership
of most property acquired during
marriage — regardless of how an
asset is titled. However,
this rule excludes property
owned before marriage or through
inheritances or gifts received
during the marriage. There are
many considerations in defining
property ownership in a community
property state, some of which are
listed below.
- Where is the property located?
- Who was the original purchaser?
- Was the original purchaser married at the time of purchase?
- Who manages the property?
- Was there a divorce involved?
- How was the property acquired (for example, purchased item or gift)?
When completing Part 1 of the work sheet, keep in mind which ownership
laws pertain to you. If you live in a community property state or are
confused about property ownership, consult with an attorney.
Basic Money Management
Basic Money Management
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