is west virginia a community property state?
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West Virginia Property Division Laws Some states follow the community property rule in terms of asset division, in which all property is split 50/50. In contrast, West Virginia is an equitable distribution state. This means that all property is to be distributed fairly, which does not necessarily mean equally.
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Georgia is an equitable distribution state, as distinct from a community property state. ... Even if only one spouse opens a line of credit, it will usually be considered marital property – to be shared by both spouses – if the debt was taken on during the time of the marriage.
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Marital Property and Community Property States This marital property includes earnings, all property bought with those earnings, and all debts accrued during the marriage. Community property begins at the marriage and ends when the couple physically separates with the intention of not continuing the marriage.
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West Virginia became a state following the Wheeling Conventions of 1861, at the start of the American Civil War. Delegates from the Unionist counties of northwestern Virginia decided to break away from Virginia, which also included secessionist counties in the new state.
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“While title loans are not legal in West Virginia, some citizens opt to go across state lines to obtain them. ... If the consumer defaults on the loan, the lender may seize the vehicle. The loans often carried annual percentage rates of anywhere from 120 percent to 300 percent, according to Morrisey's office.
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The states having community property are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property states follow the rule that all assets acquired during the marriage are considered "community property."
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Maryland is not a "community property" state. Instead, Maryland has an "equitable distribution" statute—meaning, the court is not necessarily obligated to divide the property equally between the spouses, but will divide property in a way the court finds is fair.
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Marital Property Law While a few states have enacted laws that consider all marital property as "community property," which is equally owned by both parties and must be equally divided after a divorce. Kansas, however, has no community property law.
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States typically divide property according to two standards: community property or equitable division. Missouri is an "equitable distribution" state, which means judges will divide marital property in a way they believe is equitable (fair), but not necessarily equal.
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Marital Property and Community Property States Marital property in community property states are owned by both spouses equally (50/50). This marital property includes earnings, all property bought with those earnings, and all debts accrued during the marriage.
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West Virginia Retirement Taxes West Virginia is called The Mountain State and for good reason. ... It isn't just the state's natural beauty that makes it a good retirement destination, however. The state is also very affordable, with a tax system that is friendly toward retirees.
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Unlike some states, Illinois does not recognize community property. This means that anything an individual obtains on their own and for themselves during the course of the marriage is not necessarily up for division.
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North Carolina is not a community property state. Instead, judges will divide property according to the equitable distribution method, which means that the court will divide your property in a way that is fair to each spouse.
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Community property refers to a U.S. state-level legal distinction of a married individual's assets. Property acquired by either spouse during a marriage is considered community property, belonging to both partners of the marriage.
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For starters, West Virginia has very low property and sales taxes. Social Security retirement benefits that are taxed federally will also be taxed in West Virginia, at rates ranging from 3% to 6.5%. Other types of retirement income are also taxable, but can be deducted up to $8,000 per person.
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Colorado law does not subscribe to the concept of community property. Instead, Colorado is an equitable distribution state. All property acquired during the marriage, with exceptions such as inheritances and gifts, is considered marital property and subject to division.
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Community property and community debts are usually divided equally. ... Quasi-community property is any type of property that was acquired by either one or both spouses or domestic partners when living in another state that, had it been acquired while living in California, it would have been considered community property.