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March 5, 2009

Marital Property State & Community Property State

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Definition

State where assets earned during a marriage are deemed to be the joint property of the married couple.

Community property  states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin.

The marital property state is Wisconsin.

Referring Cite

State law, IRM, IRS Publication 555

Additional Helpful Information

  • An IRA owner who resides in a community property state may need the written consent of his/her spouse, in order to name anyone –other than the spouse- as a primary beneficiary of the IRA.
  • Alaska is usually treated as a community property state, if the couple so elects.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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