Community Property States vs. Separate Property – Definitions & Laws

do you live in a community property state or a separate property state?After you get engaged, the first thing you’ll probably do is share the news with your family and friends and update your status on Facebook. After that, your thoughts will turn to setting a date, planning the wedding, and checking out honeymoon destinations. But there are other things to think about as well.

While couples should have serious discussions about finances prior to the big day, they also need to be aware of how their property will be treated from a legal ownership standpoint once they tie the knot. Couples need to understand how states view property ownership – not only in the case of divorce, but also for individual liability purposes in the event that one of the spouses gets sued by a third party.

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“The Joy of Less: A Minimalist Living Guide” by Francine Jay – Book Review

joy of less bookWhen my husband and I first got married, we moved into a two-bedroom apartment packed full of wedding gifts, my law school textbooks, and too many clothes. We decided the apartment was too cramped, so we purchased a 1,400-square-foot condo. Next came our first house, with three bedrooms and 2,250 square feet.

Two kids later, we moved into a four-bedroom, 3,100-square-foot home that we quickly filled up with more stuff. We eventually decided it was too much, so we purged half of everything we owned, including the house. We downsized and moved into a 2,600-square-foot home, but within a few years were again suffocating under the weight of all of our stuff. The paper, the clothes, the books, the toys – everything. Why did we keep doing this?

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