An asset given to one spouse rather than to both spouses is the separate property of the recipient, regardless when it occurs. But the recipient bears the burden of proving the gift was to only one spouse rather than to both. Proof of the intended recipient can be assumed based on the circumstances.
Washington treats inheritances the same as gifts. Unlike gifts, there tends to be little argument whether the inheritance was to one spouse or both spouses. Documentation, such as a will or court papers, usually makes the intended recipient clear. Quasi community property comes in two types:. The latter category warrants further explanation.
Couples often live together outside wedlock—perhaps prior to marriage. For purposes of property characterization, courts say property acquired during this time is quasi community property if the parties were living like a married couple. In determining whether the parties were living like a married couple, the judge may want to know whether they were romantically involved, commingled their incomes, and sharing expenses.
All three terms mean the same. Proceeds from the sale of an asset retain its original characterization. For example, assume a wife bought a car prior to marriage.
The car would be her separate property. The proceeds would still be her separate property, even though she acquired them during the marriage. The couch would be her separate property as well.
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When a party claims an asset acquired during marriage traces back to separate property, he or she bears the burden of proving its traceability. Otherwise the presumption of community property governs. Commingling occurs when spouses mix their community property and separate property in ways that render the separate property impossible to trace. When this happens, the entire mixture becomes community property.
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The classic example occurs when newlyweds pool their money in one bank account. But then the spouses deposit their earnings from during the marriage community property into the same account. Now the account contains separate and community funds. But what if the parties begin spending from the account on everyday expenses? On the other hand, if there will be multiple owners, then select co-owner when prompted.
If the grantees are co-owners, then you will select the type of joint property interest the grantees are sharing with one another. Each state allows different types of joint ownership, but these typically include tenancy in common, joint tenancy, tenancy by the entirety, community property, and partnership. A tenancy in common is a form of co-ownership wherein each tenant property owner owns an interest in the entire property.
The tenants are not required to hold equal shares, so one tenant might own three quarters of the property while another only holds a quarter interest. The owners are free to sell or give away their individual interests without needing the other owners to sign the deed.
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If an owner passes away, their interest will be controlled by their will or under state intestacy law when no will exists. The ease and flexibility offered by a tenancy in common makes this joint interest a favorite for multiple businesses wishing to share ownership.
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A joint tenancy is similar to a tenancy in common but with some key distinctions. First, every owner must hold an equal interest. For instance, four owners will each hold a quarter interest. Second, the owners may not sell or give away their interests without the consent of the other joint tenants. Each tenant is therefore required to sign any such deeds.
Finally, the joint tenants all have the right of survivorship. This means that when an owner passes away, their interest automatically transfers to the other joint tenants in equal shares. The tenancy by the entirety and community property interests are essentially the same, with some states using one name and other states using the other. However, some states do not allow these property interests. These two interests work in the same way as a joint tenancy but may only be held by married couples.
Our questionnaire will automatically include the permitted property interests for your state. California allows businesses to share property ownership as a partnership.
This form of ownership is similar to a tenancy in common but may offer benefits under state law. Every county has slightly different rules as to what must be included on the deed, how the deed is formatted, and the steps you need to follow in order to register the deed, and these rules are constantly changing. For this reason, we strongly recommend calling your local office to ensure that you have met their various requirements prior to going to the office to file your deed. Be sure to not write in the page margins of the deed. Many offices require these to be kept blank. A quit claim deed is considered legal and effective once each grantor has signed it and the deed is delivered and accepted by the grantee s.
However, a few counties across the U. It is a good idea to ask your local office if grantees must sign. Note that anyone signing the document must wait to do so until in the presence of a notary, who will complete the attached notary acknowledgment. At this point your deed has been legally executed.
Quitclaim vs. warranty deed: What you need to know
Provide a copy of the recorded deed to each person who signed it. Normally, your local office will return the original deed to the grantees, who in turn send copies to the grantors. A quit claim deed is a common deed used to transfer property from one person the grantor to another the grantee.
A quit claim deed is specifically used to immediately transfer real property, while not making any warranties that the title is clear. This means that the grantor is not guaranteeing that the title is clear and that they have the legal right to transfer the property. Due to the nature of a quit claim deed, it tends to be used for specific purposes when the transfer of title needs to be done quickly.
Quit claim deeds are generally not used for normal sales of real estate between unknown parties. Value Appeals. Oregon Tax Court. Additional Information. Business Personal Property Assessment. Taxable Business Personal Property.
Quitclaim and Warranty Deeds - Do It Yourself Documents
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