Asked by Michael Combs on Jun 16, 2024
Verified
_________is the co-ownership of property by spouses in which each spouse owns an undivided one- half interest of the property that is acquired during the marriage.
A) Tenancy in common
B) Community property
C) Joint tenancy
D) Tenancy by the entirety
Community Property
A legal concept in certain jurisdictions that property acquired during marriage is owned jointly by both spouses.
Tenancy In Common
A form of real estate ownership where two or more individuals possess property simultaneously, with each holding an undivided interest in the property.
Joint Tenancy
A legal arrangement where two or more individuals hold property jointly, with equal rights and privileges.
- Discern the various forms of property ownership and grasp the legal responsibilities and rights related to each one.
Verified Answer
ER
Elnaz ReyhaniJun 18, 2024
Final Answer :
B
Explanation :
Community property is the correct answer because it refers to a form of ownership by spouses during their marriage that they intend to share. Under community property laws, each spouse owns an undivided one-half interest in the property acquired during the marriage, except for gifts, inheritances, or assets acquired before the marriage.
Learning Objectives
- Discern the various forms of property ownership and grasp the legal responsibilities and rights related to each one.