My Husband and I acquired property as tenants in common. Is this part of our community property?
Full Question:
My Husband and I acquired some commercial property. When it was bought it was titled to us as tenants in common. Does this mean this property is part of our community property?
11/25/2016 |
Category: Husband and ... ยป Community Pr... |
State: California |
#27167
Answer:
Since this property was acquired as tenants in common, the ownership of each is treated as separate property. So each of you own an undivided 1/2 interest in the property.
The California Family Code provides:
750. Spouses may hold property as joint tenants or tenants in
common, or as community property, or as community property with a
right of survivorship.
751. The respective interests of each spouse in community property
during continuance of the marriage relation are present, existing,
and equal interests.
752. Except as otherwise provided by statute, neither spouse has
any interest in the separate property of the other.
