Archive for December, 2009

There are several misconceptions regarding community property in Idaho, we hope this past article from the Post Register helps answer questions that you may have.

A married person holds property as either community property (spouse has equal ownership) or separate property (spouse has no ownership). Separate property is the property that is owned at the time of marriage plus gifts and inheritances received at any time.  If separate property is sold or traded the money or the new property received for it will remain separate.  Everything else is community property.

“Co-mingling” of community and separate property may make the separate property lose its identity.  Good records are important to prove that separate property actually stayed separate, and did not in fact turn into community property.  Idaho is one of only three states that have the unusual law that all earnings on separate property are community property.  This can create unintentional co-mingling.

Remember, as of July 2008, if a clause is entered in a warranty deed, (or perhaps quitclaim deed) for a community property home, that property would not have to go through probate if a spouse passes.

We would highly encourage you to contact your attorney regarding estate planning and further details about community property.