Florida Statutes 736.1505 – Classification of property as community property; enforcement; duration; management and control; effect of distributions
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Terms Used In Florida Statutes 736.1505
- Community property: means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses. See Florida Statutes 736.1502
- Community property trust: means an express trust that complies with…. See Florida Statutes 736.1502
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlor spouses: means a married couple who establishes a community property trust pursuant to this part. See Florida Statutes 736.1502
(1) Whether both, one, or neither is domiciled in the state, settlor spouses may classify any or all of their property as community property by transferring that property to a community property trust and providing in the trust that the property is community property pursuant to this part.
(2) A community property trust is enforceable without consideration.
(3) All property owned by a community property trust is community property under the laws of the state during the marriage of the settlor spouses.
(4) The right to manage and control property that is transferred to a community property trust is determined by the terms of the trust agreement.
(5) When property is distributed from a community property trust, the property shall no longer constitute community property within the meaning of this part, provided that community property as classified by a jurisdiction other than the state retains its character as community property to the extent otherwise provided by ss. 732.216–732.228.