is nys community property state?
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New York Is Now an Equitable Distribution State Only a handful of states follow the community property method of distribution. When a Long Island couple divorces and the court is involved, the court must divide their property in a fair and equitable manner.
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Wages, benefits, lottery winnings: if they are earned or acquired during marriage, they are community property. Assets either spouse brings to the marriage are separate property.
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Under Texas law, property that is acquired during marriage is community property unless it is acquired by gift, devise, or descent. For that reason, an IRA is considered to be community property to the extent that it accrued during the marriage and is subject to division upon divorce.
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Is New Hampshire a Community Property State? No. ... New Hampshire is an “equitable distribution” state, which divides property based on a judge's determination of what's fair under the circumstances of each case. Community property states, on the other hand, allocate property between spouses as close to 50-50 as possible.
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A visit to your local tax assessor's office may turn up other less common property tax exemptions. ... Some counties in New York state reduce the assessed value of the homes of volunteer firefighters. Some states offer widow/widower exemptions. It doesn't hurt to ask if yours does.
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In California, married persons' pension benefits and retirement assets are community property to the extent they were earned during marriage, and California courts are required by statute to equally divide community property between spouses upon dissolution of marriage or legal separation.
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Ownership of the beds and banks of rivers, lakes and ponds in New York varies from waterway to waterway. ... Where the banks and bed of a river are in private ownership and there are different owners on each side of the navigable river, each usually owns to the centerline, although deeds may specify otherwise.
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If you look at the registered title to your own jointly owned property and the text isn't shown on it, you own it as joint tenants. If it is there, you own it as tenants-in-common.
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Oregon, on the other hand, is a common-law property state. ... When a married couple resides in a community property state, any asset acquired during their marriage is considered community property and owned equally by both spouses unless they have signed an agreement providing otherwise.
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A few states recognize the concept of community property, in which most everything is jointly owned and equally split between the parties. Massachusetts, however, is not one of those states. Massachusetts law requires the division of property in a divorce to be equitable.
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Generally, property held as community property with right of survivorship has tax advantages over a joint tenancy. In a joint tenancy, when one spouse sells property that was held jointly prior to the death of the other spouse, a portion of the profit is subject to capital gains tax.
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Marital Property Law The majority of states, like Iowa, have no community property laws, which can allow for more flexibility in property division in a divorce, but can result in more uncertainty as well.
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There is gold in New York, but according to state law, all gold and silver found in the state is the property of the state. Even claim holders and landowners are not entitled to keep any precious metals that they find. ... Of course gold is still being found by gold prospectors in New York.
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Governor Andrew M. Cuomo today announced an emergency rental assistance program that will help keep low-income families throughout New York in their homes. ... The program is administered by New York State Homes and Community Renewal and access to program applications will be available here on Thursday, July 16.
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Nevada is a community property state. This means that each spouse owns 50% of the assets and debts acquired during the marriage. Upon divorce, courts distribute these assets and debts equally between the spouses.
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Idaho is a community-property state. These laws apply to anyone domiciled in Idaho or owning real property (real estate) located in Idaho. The laws affect how you and your spouse file your federal and state income tax returns. ... Other community-property states have their own community-property laws.
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When a person takes “adverse possession” of a home, the legal term for occupying someone else's property, they obtain what are known as “squatter's rights.” In the state of New York, a person has to live on the property openly and without permission of the owner for a period of at least 10 uninterrupted years to be ...