Each spouse can transfer his half of the condominium and the entirety of his separate property to whomever he wants. A CPA must be registered when it is used for the transfer of real estate. Another advantage of registration is that a certified copy of the CPA can be obtained from the county review body if the original is lost. If a couple revokes a CPA, that revocation must also be reported by the district controller. Before David and Martha married, David had $200,000 in assets and Martha $400,000 in assets. David and Martha sign a CPA that makes their entire property in the real estate community. A year later, David asked for a divorce. David can now argue that he owns half of $600,000, instead of just $200,000 of separate property he brought to the wedding. Many people mistakenly think that once they marry all their property, it magically becomes a co-owner, and after the death of a spouse, it is automatically transferred to the surviving spouse.
It`s not true. Unless a couple has signed an agreement or loses their property, gifts, estates and property that a spouse owned before the marriage. The property acquired during a marriage with a separate property remains the property separate from the spouse who owned the separate property. Community ownership consists of wages earned during marriage, property acquired with wages earned during marriage and property converted into condominiums. If you are married and live in one of the following states: Alaska, Arizona, California, Idaho, Nevada, New Mexico, Texas, Washington or Wisconsin, and a Married Last Will – Testament, you will also receive a Community Property Agreement at no extra charge. A Community real estate contract is an agreement between spouses or national partners registered by the state to characterize their property as common property. Normally, each property of married couples and national partners is characterized as a common property or a separate property, depending on when and how the property was acquired. The characterization of the estate affects the legal rights and interests of each spouse or partner on the property. As a general rule, the goal that couples have in mind when entering into community ownership agreements is to avoid the execution of a will that requires an estate procedure. In some states where succession is excessively expensive and takes too long, avoiding succession can be a good idea. However, in Washington State, succession is often relatively quick and inexpensive.