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| Home > Information > Arizona Deed: Community Property with Right of Survivorship |
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| Arizona Deed: Community Property with Right of Survivorship |
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Like many western states, Arizona allows legally married couples to own real estate as community property, with or without rights of survivorship. The right of survivorship is not automatic and must be expressly declared in the deed. Under this form of ownership, both spouses hold undivided shares of the whole, and when one spouse dies, the surviving spouse gains ownership of the whole property without the need for probate, and both halves receive a new tax basis equal to the fair market value as of the date of death. Otherwise, when one spouse dies, the community property is divided equally, with half going to the surviving spouse and half distributed as directed by the deceased spouse’s will. In case of divorce or annulment, the judge often determines equitable distribution of community property.
Generally, anything that a married couple accumulates during the marriage is considered community property. Assets acquired prior to the marriage, or gifts, wills, and inheritances are usually sole and separate (individual) property. The principles of community property are meant to handle the unfairness that can occur when both parties contribute substantially to the marriage but only one party handles transactions or makes more money and ends up with all titles or assets in his/her name only.
View Available Arizona Real Estate Deed Forms/a> |
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| February 27, 2012,
Information deemed reliable but not guaranteed, you should always
confirm this information with the proper agency prior to acting.
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