Question
In: Accounting
For citizens domiciled in community property states, which of the following statements is correct? A. Any...
For citizens domiciled in community property states, which of the following statements is correct?
A. Any income earned during marriage is deemed to be one-half earned by each spouse.
B. Commingled property does not lose identity.
C. Community property is owned 100% by each spouse.
D. Property owned separately cannot be kept separate.
Solutions
Expert Solution
Answer : option (a)
Any income earned during marriage is deemed to be one half earned by each spouse.
In case of community property,property is divided strictly in half, with each spouse getting 50 percent of any assets found to be marital property.
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