Asked by Aliyana Shivji on Jun 10, 2024
Verified
Jack and Jill live in a community property state.Jill works full time,and Jack stays home taking care of their children.What is the legal status of the earnings Jill makes that are used to purchase a new home?
A) Owned by Jill
B) Owned by Jill,subject to a one-third interest Jack has
C) Jointly owned by Jack and Jill
D) Owned by Jill,Jack,and the children
Community Property State
A Community Property State is one where all property acquired during marriage is considered equally owned by both spouses, except for property received by one spouse through gift or inheritance.
Jointly Owned
Describes property or assets owned together by two or more parties, where each has an undivided interest in the whole.
- Recognize the impact of community property laws on property ownership and rights.
Verified Answer
RD
Renee D'AngeloJun 16, 2024
Final Answer :
C
Explanation :
In a community property state, income earned during marriage is considered jointly owned by both spouses. Therefore, the earnings Jill makes while married to Jack would be considered jointly owned by both of them, even if Jill is the only one working. The purchase of a new home would be considered a community property asset, owned equally by both spouses.
Learning Objectives
- Recognize the impact of community property laws on property ownership and rights.