Liz and Jeff live in California,a state that recognizes community property.Jeff is a machinist who makes $30,000 a year.Liz is the owner of a franchise where her take-home profit is approximately $75,000 a year.Jeff and Liz purchased a house during their marriage wherein Liz paid three-fourths of the purchase price and Jeff paid one-fourth.Which of the following statements is correct with regard to Jeff and Liz?
A)Each owns one-half of the real property and other assets they acquire during the marriage.
B)The community property rules do not allow Jeff and Liz to maintain separate ownership of assets they each bring to the marriage or inherit.
C)Community property can be sold by Jeff or Liz without consent by the other.
D)Jeff owns one-fourth of the property and Liz owns three-fourths.

Question

Quizplus · Accepted Answer

In California, a community property state, assets acquired during the marriage are considered jointly owned, meaning each spouse owns one-half, regardless of the individual contributions to the purchase price.

Liz and Jeff Live in California,a State That Recognizes Community