How is community property managed and who can do what with the property?
Full Question:
What are the rights between Husband and Wife to community property? How is it managed and who can do what with the property?
11/27/2016 |
Category: Husband and ... ยป Community Pr... |
State: California |
#27221
Answer:
Some of those conditions or restrictions are the following:
- A spouse cannot make a gift or dispose of community property for less than it's fair value without the written consent of the other spouse.
- A spouse may not sell, convey, or encumber community personal property used as the family dwelling, or the furniture, furnishings, or fittings of the home, or the clothing or wearing apparel of the other spouse or minor children which is community personal property, without the written consent of the other spouse.
- A spouse who is operating or managing a business or interest in a business that is all or substantially all community property has primary management and control of the business. However, the spouse has to give notice to the other spouse in the event of the sale or other major conveyance, lease or other major transaction such as a lien on or of the business.
- Spouses are considered in a fiduciary duty with respect to the community property assets and debts. This brings with it the highest duty of fair dealing and good faith. It means full disclosure to the other spouse of all information regarding assets, access to all information and records of all assets and debts, etc.
- Both spouses must join in the conveyance, moorages or other major transaction involving community property real estate.
