Marriage and Ownership of Estate

When you get married, unless a prenuptial is signed, the two of you share all assets and properties together. Everything is owned by the both of you. It’s easy to leave everything to your spouse if something were to happen, but if you would like to properly divide everything between the two of you, along with a couple of other beneficiaries, you will need to know what’s yours that can be left behind for the other beneficiaries.

The Common Law in Most States

Majority of the states, the “common law” system is used to sort out property ownership between husband and wife. If you live in a state such as this, it will be much easier to know who owns what. It works like this, if only your name is labeled on a deed, registration document or other title – the property is yours. It is okay for you to leave that property to anyone you choose. Your spouse will have a right to claim a share of that property by using an act called “disinheriting family members”.

If both, you and your spouse’s names are on a title, you will each own 50% of it. In this case, you are only able to leave behind half of the asset to your beneficiaries, but it all depends on how the asset was shared between you and your spouse. If the property was owned by the two of you in a “joint tenancy with right of survivorship” or “tenancy by the entirety”, the property will automatically be given to the surviving spouse when the other dies; even if the deceased spouse’s will states otherwise. If the property is owned between the two of you under a “tenancy in common”, which doesn’t happen often, you’ll be able to leave behind your 50% of the asset’s ownership to anyone other than your spouse. Then if for some reason you there isn’t a title or name on the document of an asset, the spouse that paid for it or received it as a gift owns it.

Living in a Community Property State

If you happen to live in a community property state, things are a bit more difficult when it comes to sorting out assets among married folks. These are the states that don’t use common law and include:

• California
• Arizona
• Idaho
• New Mexico
• Nevada
• Texas
• Washington
• Wisconsin

All the other states use common law. Alaska residents are able to sign an agreement that makes certain assets of theirs community property. In these states that use community property rule, the money earned and properties bought during the marriage are owned equally between husband and wife. This also includes debts; whatever left over bills are left behind, will be left to the surviving spouse and whomever else is on the will of the deceased spouse.
Having a will is very important when you are married and have a family, but it is important that you know what’s yours to leave behind and what isn’t.