Life,Changes,That,Are,Affected law 3 Life Changes That Are Affected By Real Estate Law
Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi
Have you gone through any recent life changes? If you have, then you may surprised to learn that the life changes that you have gone through could possibly have an impact on any assets, particularly real estate or property, that you may already have. This is mostly true for anyone who has made additions to or subtractions from his/her family. In doing so, there may be applicable laws that may affect how much of your assets, in the form of real estate or property, is truly yours. It is the goal of this article to discuss three life changes that are affected by real estate law to aid individuals with the information to procure the right type of legal representative to handle their assets. The first life change that is affected by real estate law is inheritance. When someone bequeaths an asset to you such as real estate or property upon their passing, although it can be a wonderful thing, you should not fail to go through the proper legal channels to ensure that the correct amount of taxes are satisfied upon inheritance and thereafter. In some cases, the tax consequence of inheriting real estate can be as high as 50 percent. The second life change that is affected by real estate law is marriage. Although there are many financial advantages to getting married, including tax breaks, depending on which state you live in, your life change can negatively or positively affect your asset, in the form of real estate or property. For example, if you live in a community property state, and there are only 8, then you are entitled to half ownership of the property upon getting hitched, even if you didn't previously own the property yourself. The third life change that is affected by real estate law is divorce. Again, depending on whether or not you live in a community property state, your rights can differ regarding property ownership after divorce. Specifically, non community property states mandate that you can't disinherit a spouse, while in all other states the general applicable rule is that the property must be sold unless agreed upon by property distribution during divorce proceedings. Regardless of whether or not you have already procured a legal representative to handle other aspects of your major life change, you may in fact need the additional expertise of a real estate legal representative in an effort to properly handle your assets. This is especially relevant for individuals who made life changes that involve the additions to or subtractions from his/her family and consequently new configurations of assets divisions. However, if you are not privy to this aspect of the law, you may not know if your specific type of life change or situation qualifies under federal or state real estate statutes. There are three life changes that are affected by real estate law, they include; inheritance, marriage and divorce. Article Tags: Life Changes, Real Estate, Legal Representative, Life Change, Community Property
Life,Changes,That,Are,Affected