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What is community property quizlet?

Definition: Community Property is property earned or acquired during marriage to which each spouse is entitled one-half interest. All property acquired during marriage is presumptively community property unless the property is: 1. Given to one spouse by gift, devise or bequest, 2.

What does community property with right of survivorship mean in California?

Community property with right of survivorship is a legal distinction that allows two spouses to equally share assets through marriage as well as pass on assets to the other spouse upon death without going through probate.

What are the disadvantages of joint tenancy with right of survivorship?

The dangers of joint tenancy include the following: Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.

Which of the following is classified as community property quizlet?

all property, real or personal, owned by the spouse before marriage and any property acquired after the marriage by gift, devise or descent. property POSSESSED by either spouse during the marriage is presumed to be community property.

What does Ros mean in real estate?

ROS = Operating Profit Net Sales where: ROS = Return on sales Operating Profit is calculated as earnings before interest, or EBIT.

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