Question
Jan Williams and her husband, Bob, have lived in a common law property state for the last five years, but previously they lived in a
Jan Williams and her husband, Bob, have lived in a common law property state for the last five years, but previously they lived in a community property state. Jan and/or Bob own the following assets:
a house (titled as JTWROS) that they purchased in the common law state using money obtained from the sale of their house in the community property state
an antique automobile (titled solely in Bobs na me) given to Bob as a wedding present by his parents
a stock portfolio (titled in both names), all of which was acquired after they were married while living in the community property state
a savings account titled solely in Jans name that she opened after the move to the common law state using funds from a joint savings account they had in the community property state and which they split equally when they moved; Jan has continued to contribute and withdraw varying amounts from this account after their move to the common law state
Which of the assets listed above are considered community property assets?
I and III only
III and IV only
I, II, and III only
I, II, and IV only
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started