Legally married persons can take title to the property as community property per A. Right of survivorship is also offered with community property, meaning that if one spouse passes away, their. 02 - Convicted spouse; award of community property; definition Universal Citation: AZ Rev Stat § 25-318. Since the community expired when the wife died, it was not possible to hold the husband liable. In Arizona, community property refers to any property or assets acquired such as income, real estate, personal property, and debts acquired during the marriage. COMMUNITY PROPERTY LAWS ABOUT A SPOUSE’S PERSONAL GUARANTEE IN ARIZONA. What is community "personal" property? Personal property is anything that is not real property. E provides that two or more natural persons may own an LLC membership interest as joint tenants with right of survivorship and a married couple may own an LLC membership interest as community property with right of survivorship. A lease guarantor serves as a financial intermediary and is responsible for the tenant’s defaults, which protects the tenant from eviction. So what that means is if the couple purchased shares, for example, that were worth $100 and on the death of the first spouse, they're worth $1,000, the new basis in the property will be $1,000. In addition, you may also lose access to the property itself. In the decree of dissolution, the trial court divided the parties’ community property. Wells Fargo: Best for traditional bank. It can be difficult to figure out whether you can use a simplified informal process to transfer property. For example, if you are applying for a government loan insured by the Federal Housing Administration (FHA) or the Veteran's Affairs (VA) , your spouse's credit will need. 702, 705-06 (Bankr. C. We would like to show you a description here but the site won’t allow us. Sec. b. 020, acquired after marriage or after registration of a state registered domestic partnership by either domestic partner or either husband or wife or both, is community property. 02. Maximilian Julian is a partner at Gertsburg Licata. Last reviewed November 2023. d. § 25-318(A). In Arizona, each spouse is a co-owner of all property earned by the other spouse during marriage. New Mexico. In California, community property must be divided equally. 29 and the purchase price was $199,900. To talk with a respected estate lawyer, please phone us at (480)-442-4175 or fill out our contact form to schedule an appointment. Whether you’re thinking about getting married in Arizona, or divorced, it’s important that you understand how community property works. A. The warranty deed enlists the description of the property along with any known encumbrances, such as easements, unpaid liens, or judgments. Example of Community Property: Personal Property. Here, we will discuss the latter, to give you better insight into the division of property and debt process during your divorce. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the. In addition, your spouse must report $2,000 as alimony received. C. In the U. No matter whose name is on the ownership title, both spouses are entitled to the property. Form of Guarantee In Arizona, both spouses are required to sign a personal guarantee before their community property can be used to satisfy a debt under a personal guarantee. Property not acquired or owned, as prescribed in RCW 26. A motion for summary judgment does not resolve factual issues. This chapter declares that the court can divide joint assets. Our Arizona community property and family law attorneys have over 100 years of combined experience. #25-213. In Kentucky, spouses can create a "community property trust. The parties were going through a divorce in Arizona. 33-431. "Marital Property: A U. California community property laws are. Wisconsin. Community property states include Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, and Wisconsin. In 2003, Manuel and Carol Hernandez bought a home just outside Bullhead City, Arizona. Transfer After Filing of Petition Personal Property Gifts Obligation to Spouse. 4. More detailed information about the process in the states in which you operate is available. So, in order to have a. §§ 736. Arizona Community Property Law at a Glance; Husband or wife liable for debts of other incurred before marriage?: Community property is available to pay the separate debt of a spouse if the debt was incurred before the marriage and after September 1, 1973, but only to the extent of that spouse’s contribution to the community property. § 25-214(C)(2). Shared property typically includes real estate, income, retirement accounts, and pensions. The Arizona rule — pronounced in a 1926 case and consistently followed – was that any amounts of money recovered for injuries to one spouse during the marriage are community property. In Arizona, the separate property of a spouse is not liable for the separate debts of the other spouse unless there is an agreement by the non-debtor spouse to the contrary. To help you find your perfect rental property, we also provide tenant. In the case of Leisure Lane it was determined the community contributed $39,741. 596 (Ariz. If the couple divorces, the community property must be divided and distributed to the parties. This would be your best option- even if you have to use the equity in your home. Sutton says that the waiver of the personal guarantee for loans below $200,000 should be reflected in the contract. Step 5. He may be reached at (216) 573-6000 or at [email protected] Arizona Revised Statutes Title 33 - Property § 33-431 Grants and devises to two or more persons; estates in common; community property with right of survivorship; joint tenants with right of survivorship. Medicaid is a health care program for low-income individuals of all ages. Funding Circle: Best for long-term loans. With a limited personal guarantee,. Folks considering asset protection in any of the nine states (AZ, CA, ID, LA, NV, NM, TX, WA, WI) that have Community Property laws are often mystified and confused by what it all means. The Arizona Court of Appeals in the case of Bell-Kilbourn vs. Arizona Revised Statutes, Title 25, Chapter 2, Article 2, Section 25-211 states that all property acquired during marriage is considered community property in Arizona, except those that were: Acquired after service of divorce petition, annulment petition, or legal separation petition (but only if the petition results in a decree). Community property laws view marriage as a partnership in which both spouses equally share the income and assets they acquire after the wedding. This might just be what is needed to get your funding application over the line. the portion of certain personal injury awards meant to compensate for. A personal guaranty is a separate legal document from the commercial lease. Area. Louisiana. The liability to honour the guarantee is personal to you. In divorce proceedings, personal property must be allocated as either the separate property of one spouse or the marital property of both spouses. Sec. Download your copy of the Community Property Agreement, fill it in and sign it - it's so easy. As a legal document, the property settlement agreement will be used as a contract. No matter the size of the marital estate – grand or modest – divorce and legal separation require distributing furniture, bank accounts, and real estate right along with home mortgages, car loans, and medical bills. In most divorces, community property is sold unless both parties can. The Eighth Circuit affirmed a Tax Court ruling that held that a shareholder's guarantee of a loan to an S corporation was not an actual economic outlay and therefore did not increase the shareholder's debt basis in the S corporation (Hargis, No. k. However, the spouses’ community. When Community Property Laws Don't Apply. See Ariz. When filing separate returns, you must include 1/2 of the Arizona source income earned by the resident spouse. However, this rate may be. Like many western states, Arizona allows legally married couples to own real estate as community property, with or without rights of survivorship. October 13, 2023. [2] Four other states have adopted optional community property systems. The theory behind community property is that as spouses contribute to the marriage with income and maintain a household, they equally share in the accumulated assets and debts. When filing for bankruptcy in the above example, the bankruptcy filing will appear on the spouse’s credit report. In addition to the above states, Alaska is considered an “opt-in” state. This means any property acquired by you or your ex-spouse during the course of your marriage is owned in equal part by. Arizona real estate is transferred using a legal document called a deed. Click here for a PDF of this overview. § 25-211. What is Community Property Law in Arizona and Why Does it Matter? Arizona is a community property state and community property law controls the division of all. According to Redfin data, Arizona homes took a median of 51 days to sell in April 2023. Community Property Law in Arizona. CHAPTER 3. creation of a community lien on sole and separate property in arizona; community property laws about a spouse’s personal guarantee in arizona; choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizonaThe community property is liable for the premarital separate debts or other liabilities of a spouse, incurred after September 1, 1973 but only to the extent of the value of that spouse's contribution to the community property which would have been such spouse's separate property if single. concerned with limiting democracy. Those states are Alaska, South Dakota and Tennessee. Do not assume title guarantees whether property is community property versus separate . CHAPTER 3. 25-318. See IRM 25. Divorce) or a Petition for Legal Separation. , v. One year after meeting at a senior citizens dance in Mesa, Arizona in 1992, Anthony Toth and Gloria Snyder Toth were married (Anthony, age 87 and Gloria, age 66). property that the spouses have agreed (in writing) is separate, usually through a legally valid prenuptial or postnuptial agreement, and. R. Alter the duties and rights of either spouse with respect to the management of community property except as prescribed pursuant to section 25-315, subsection. Maderia (1 CA-CV 07-0646, insures that our community property cannot be attached, since i did not sign the application, we have been married 30 yrs and have no seperate. All. A. in Scottsdale, we understand the basics and nuances of Arizona laws governing community property and separate property. Florence, AZ – Office. In addition to assets that already have a designated beneficiary (like a life insurance or a bank account), estates with a value of $166,250 or less may qualify for a non-formal probate case. , PMB #275 Seattle, WA 98133 E-mail: [email protected] your state law, earnings of a spouse living separately and apart from the other spouse continue as community property. The concept of community property is rooted in Spanish law and is now widespread. In addition, your personal guarantee could affect your family. When a business enters into a lease or loan, usually the legal documents are signed by any officer on behalf of the corporation. Typically, a husband or wife either fails in business or in an investment and faces aggressive creditors who. Retransmission, redistribution, or any other commercial use is prohibited. The spouses have equal management, control and disposition rights over their community property and have equal power to bind the community. Here are the requirements for using a small estate affidavit in Arizona: Personal property: To use an affidavit to claim personal property: the total value of the estate's personal property must be less than $75,000; you must wait at least 30 days after death, and; the estate must not be going through formal probate. Marital property. Stock had to determine if using community funds to purchase credit for time the husband served in the military before the parties were married transformed those years of service from the husband’s sole and separate property into community property. Personal guarantee - the drawbacks. The trial court concluded that the use of. Below is an introduction to these topics,. However, any money earned or assets acquired before marriage by a spouse is the separate property of that spouse. DETERMINING COMMUNITY VERSUS SOLE PROPERTY IN ARIZONA. This is relevant for Arizona’s community property laws because of geography—modern-day Arizona lies on lands that used to belong to Mexico. However, a special rule applies to personal guaranties. Advertiser Disclosure. Provider Name. The latter coming into play in California July of 2001. Your spouse-to-be has $10,000 in credit card debt in their name. THAT each of us individually and jointly hereby assert and affirm that it is our intention to accept said instrument as community property with right of survivorship and to acquire any interest in, or any proceeds arising out ofSalary and Wages: At any time after death, the surviving spouse may collect salary or wages up to $5000 that was due to the person who died by completing an affidavit and giving it to the employer. The agreement declares the appointed guarantor, loan amount, and applicable loan terms. Second, personal guarantees in Arizona must be signed by both spouses in order to collect against community assets. Some banks require a spouse’s guarantee in addition to your own, so assets held solely in your spouse’s name are fair game for the lender. Debts After Marriage d. This includes vehicles, homes, furniture, appliances and luxury. 2. If the company defaults on the loan, any business owner who signs a guarantee is personally liable for the remaining balance. Collison’s Cadillac stayed separate goods or became community property. Universal Citation: AZ Rev Stat § 25-211 (2021) 25-211. and you should review each company’s offerings when deciding what is best for your own personal financial circumstances and needs. Referral number 520-623-4625. Assets include things like income, real estate, investments, and personal belongings. These guarantees bypass any limited liability protections. Even a stay-at-home. Protect the one you love most by reaching out to us for help. take private property for public use. A guarantor is someone who agrees to be on a lease and guarantees to pay a tenant’s rent in the event that the tenant defaults on their rental obligation. 5. Arizona is a community property state, meaning that any assets that either spouse acquires during the marriage are considered marital or community property. National Domestic Violence Hotline. Neither of you would be responsible for the other person's debt in that scenario. The separate property of. 02 (2022) 25-318. Therefore, your spouse can only bequeath half your community property, either through the conveyance of a will or -- if he dies without a will -- through. New Arizona Limited Liability Company Act (ALLCA) Section 29-3401. If the landlord requires that both spouses sign the Personal Guaranty, try telling the landlord that the spouse who is not active in. The Court ruled that there was a factual question as to whether Mr. Ariz. Under Arizona law, the landlord may have the right to evict you, lock you out of the property, and later put the business property. Unlimited personal guarantees. Lenders almost always require personal. The meaning and extension of community differs in various jurisdictions. A-to-z Guarantee. While the commercial lease is signed by the owner or an officer of the business on behalf of the corporation, a personal guarantee is signed by the business owner or owners personally. Save. 8880. At death, each spouse has a right to transfer their one-half of the community property. In Community Property States, all liabilities are considered 50% responsibility of both spouses. This includes rental payments, the unit’s condition, and any other fees that may be incurred over the rental period. All property acquired during a marriage is. Since in CA and community property, lessor is apparently playing extra safe requiring both spouses to guarantee the lease. If you as a business owner sign a personal guarantee, you could be putting you and your family’s financial future at risk. Property damage coverage: $15,000. To arrange a free initial consultation with our office, call us at 602-789-3497 or contact us online. Limited Personal Guarantees. In Arizona, married couples are required to divide property upon divorce. The answers depend on whether the community property is owned subject to a right of survivorship. As a result, a Chapter 7. creation of a community lien on sole and separate property in arizona; community property laws about a spouse’s personal guarantee in arizona; choosing. Creditors May Reach Community Property and Separate Property of Contracting Spouse e. If you are going through a divorce, you may have heard about a community lien on sole and separate property in Arizona. 01 Ownership of interest in limited liability company in joint tenancy or community property with right of survivorship. Community property is also sometimes called marital property, and it basically means that whatever your spouse owns asset-wise (real property, income, etc. Posted on Jan 25, 2012. unwritten guarantees of individual liberty. gov. Phoenix, AZ 85007-2624. This means both spouses have property rights to assets acquired in the marriage. Pima County Bar. " To create the trust, spouses must follow certain rules. 2. The court awarded assets totaling $184,843 to wife and $215,211 to the husband. Gertsburg Licata is a national, full-service business law and strategic advisory firm offering a full range of legal services. An “in rem proceeding” refers to a lawsuit or other legal action directed toward property, rather than toward a particular person. Other assets owned as “community property” if no right of survivorship – Arizona is a community property state. However, the spouses’ community. Arizona generally defines community property as that acquired by the couple during marriage, irrespective of whose name it is under. A. Assets acquired before a marriage are excluded. So in the above example, the husband’s assets would not be subject to seizure by the wife’s premarital student loan creditors. Stock had to determine if using community funds to purchase credit for time the husband served in the military before the parties were married transformed those years of service from the husband’s sole and separate property into community property. All property acquired during the marriage will be divided equally between both parties; it is known as community property in this state and applies to all types of possessions (both tangible and intangible), real estate, income, or debts that exist at the time of divorce. The nine community property states are: Arizona, California, Idaho,The individual signing this personal guaranty agrees to provide complete personal. R. The community property is liable for the premarital separate debts or other liabilities of a spouse, incurred after September 1, 1973 but only to the extent of the value. The Arizona Court of Appeals affirmed the ruling of the lower court. If only one spouse signs a personal guarantee, that creditor cannot come after the. Kunz, 79 P. If the debts are held jointly, the non-filing partner will still owe. Either spouse or either domestic partner, acting alone, may manage and control community property,. The disclaimer deed in that divorce was signed on a home purchased during an Arizona marriage. 2 (Unif. Also, in most states (except community property states, discussed above), a creditor can't take property that belongs to you and your spouse if the debt is in your name only. During a dissolution of marriage case, the trial court must divide the community property between the spouses equitably. The problem for a lender requesting a personal guaranty from a principal's spouse is that the federal Equal Credit Opportunity Act ("ECOA") has often been interpreted by courts as making it illegal for the lender to unilaterally require the guaranty without first meeting some strict criteria. The U. They can do this in two ways: Through a last will and testament (a “will”). Find your state’s titling requirements on this. c. Collison testified that the couple invested some $400 of community property in repairs to the Chrysler. Aside from assets and debts, business interests and pensions, like 401k plans, also fall under community property. A personal guaranty of another’s debt must be signed by both spouses for community property to be bound, otherwise only the signing spouse’s separate property and interest in the community property are available to satisfy the debt. Kelly and Connor have been married for 5. As of 2020, there are nine states where community property laws are observed. determining community versus sole property in arizona; creation of a community lien on sole and separate property in arizona; community property laws about a spouse’s personal guarantee in arizona; choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona Arizona is one of nine community property states. R. If you sign a personal guarantee on a commercial lease that the business ultimately cannot pay, then you are liable for the unpaid balance of that lease. Idaho. S. 3. A personal guarantee is a legal commitment by a business owner (and their spouse in AZ per our community property status) to repay a debt if the business cannot. However, most states use common law, which allows spouses to own property individually. One half of the property is retained by the surviving spouse and the. creation of a community lien on sole and separate property in arizona; community property laws about a spouse’s personal guarantee in arizona; choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona In Arizona, there is a presumption that all property acquired during a marriage is community property. Community Property. Under Arizona law, in order to bind the community property of a husband and wife, the signautres of both husband and wife are required. Any interest or equity the other party has in or to the property. Usually, a guarantor is needed when. • No upfront application or processing fees. In states with community property laws, all assets and debts obtained between spouses during marriage is equally owned. Primarily, it should be kept in mind that if the person giving the guarantee, known as the “guarantor”, has bad credit and limited means to satisfy the obligations for which the guarantee is being given, the guarantee will not offer much protection. freedoms of expression. Examples of community property include: real estate, home furnishings, vehicles, bank accounts, investment accounts, credit card debts, student loans, car payments, and some retirement plans. Content on this website does not. Martin to pay Mrs. 3. Professional Chandler Property Management means providing full service including marketing, screening, leasing, rent collection, maintenance, and being available 24 hours a day every day. An estate in community property with right of survivorship may also be created by grant or transfer from a husband and wife, when. § 25-211 Property acquired during marriage as community property; exceptions; effect of service of a petition § 25-213 Separate property § 25-214 Management and control § 25-215 Liability of community property and separate property for community and separate debts § 25-217 Ownership of property acquired after moving into stateWe would like to show you a description here but the site won’t allow us. Either spouse separately may acquire, manage, control or dispose of community property or bind the community, except that joinder of both spouses is required in any of the following cases: 1. Say, for example, you have $15,000 in private student loans in your name. Gertsburg Licata is a national, full-service business law and strategic advisory firm offering a full range of legal services. Arizona’s community property law for spousal debt is complex, so don't assume automatically that you must pay your spouse’s debt. 5 Star Rated Best Family Law, Criminal Defense, Personal Injury, and DUI Lawyers. *Nevada. If you as a business owner sign a personal guarantee, you could be putting you and your family’s financial future at risk. B. Community Property Law. A personal guarantee is an individual’s legal promise to repay the debts of a business in the event that the business defaults on the debt. The average cost of homeowners insurance in Arizona is $1,589 per year according to NerdWallet. C. In the state of Arizona, your marriage is subject to “community property law,” which means any property acquired during the marriage is presumed to be community, or jointly held, property. , there are two systems that govern marital property: community property and common law (also called marital property). To qualify for Small Estate Probate the total value of real property must be under $100,000 and/or personal property (everything not real estate) must be under $75,000. 1. 2. WARRANTY DEED 1. There are two exceptions to this rule. MARITAL PROPERTY RIGHTS AND LIABILITIES. Community property laws view marriage as a partnership in which both spouses equally share the income and assets they acquire after the wedding. § 25-214(C)(2). S. The short answer is a qualified yes. California, Nevada and Washington also include. Knowing whether you live in a community property state may help inform how you. 1. To be valid, each deed must meet the requirements of Arizona law. Property acquired by either spouse during the course of a marriage is considered marital property. Art. If you live in a community property state other than Arizona. 02 Convicted spouse; award of community property; definition Universal Citation: AZ Rev Stat § 25-318. C. Did you find this information helpful? Yes. • Simplified application process. creation of a community lien on sole and separate property in arizona; community property laws about a spouse’s personal guarantee in arizona; choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizonaThis essentially means that in a community property state, you may be automatically held liable for your spouse's business debts if they are community debts. The grantees by signing the acceptance below evidence their intention to acquire said premises as community property with right of survivorship. According to our research, the nine community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Arizona Revised Statutes Section 25-211. 02. Community property is a concept which began in Spain to protect. AI Usage. Limitations of the Personal Guarantee. The fact that Arizona is a community property state complicates its inheritance statutes to some extent. Service Star Realty is pleased to welcome you. If the tenant doesn’t pay rent or breaks the lease for other reasons, the guarantor would be held liable. Unless otherwise specified, community property in Arizona is held by both spouses equally. The states that allow this are Alaska, Florida, Kentucky, Tennessee and South Dakota. In Arizona, both spouses are required to sign a personal guarantee before their community property can be used to satisfy a debt under a personal guarantee. Service Types: Residential, commercial, and HOA. ARS § 25-211. B. 1512 (2022). Upon the death of one spouse, every asset that is community property is divided in half. The remaining $75,000 in husband’s retirement plan is his separate property because he earned it before the marriage. Address: 2310 W Mission Ln Ste#4 Phoenix, AZ 85021. ”. A promissory note secured by collateral will need a second document. All community property, which can include real estate, bank accounts, brokerage accounts, etc. ” Under Arizona law, both spouses have to sign a personal guarantee in. Community property is a legal framework used by certain states to determine how ownership rights are held between spouses. Community property versus separate property. A spouse's separate property consists of: (1) the property owned or claimed by the spouse before marriage;. There are. However, a couple can formally agree to hold real property as joint tenants. Schneider & Onofry is structured to meet the anticipated needs of specific groups of clients, ranging from individuals and families to major corporations. I. Community property will be owned equally by the spouses. a maximum amount that the guarantor is required to pay. , Eminent domain is the power of government to a. Marital property is something a couple buys during their marriage. You may owe your spouse’s debt even if you knew nothing about it. You can also discuss the consequences of signing a personal guarantee. In addition, it must be signed by all parties involved in the transaction and should be witnessed,. Community property law sets forth a presumption that all real and personal property acquired during marriage is community property – meaning that the “property” is owned 50% by Husband and 50% by Wife. In Kingsberry’s case, Western Drilling repaid all of the community loans in full. So in the above example, the husband’s assets would not be subject to seizure by the wife’s premarital student loan creditors. However, a valid prenuptial or postnuptial agreement can detail which marital assets are not shared. Adam Ramirez has been writing and editing about the law and legal issues for more than 20 years. Stat. Hildebrand Law, PC , 1095 W. Even if you do live in a community property state. § 14-3971 Collection of personal property by affidavit; ownership of vehicles; affidavit of succession to real property. No: Yes; Consensual liens have priority over homestead. In Donn v. It's important to put your property arrangements in writing. Another typical example is if you have an accident because a hotel doesn't adequately light an area. § 33-431 - Grants and devises to two or more persons; estates in common; community property with right of survivorship; joint tenants with right of survivorship from 2022 Arizona Revised StatutesCommunity property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. When one spouse in a marriage dies, they have a right to pass on their property to others upon their death. FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Located in the heart of Downtown Mesa. Arthur Grebow and Kenneth Barish each signed personal guarantees of the lease. Change the status of community property used to acquire new property or the status of that new property as community property. There are three basic categories of property: (1) community property in which both spouses have an. (By Appointment Only) 4531 North 16th Street, Suite 126 Phoenix, AZ 85016 Phone: 602-252-1968 Phoenix Law Office MapAt Yaser Ali Law, we advise young, middle-aged, and older residents about their estate planning needs. S. [2] Four other states have adopted optional community property systems. Now, under A. Small estates with less than $75,000 in personal property and less than $100,000 in real property are exempt from probate. La Paz County Assessor 1112 Joshua Avenue, Suite 204, Parker AZ 85344 (928) 669-6165 Maricopa County Assessor 301 West Jefferson, Phoenix AZ 85003Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Comparison pricing and features of other online tax. In these states, if you get a guaranty from only one spouse, then only their separate property is subject to the guaranty. 229, 508 P. Washington. 2150 E Highland Ave, Suite 212. Arizona’s community property laws are typical of the traditional Spanish division of spousal property. You can make a claim directly to Amazon, and our team will determine if you're eligible for a refund. Acquired by gift, devise. A warranty deed is a legal document used in commercial real estate transactions to transfer property with a guarantee of clear title and buyer protection. Const. However, as a landlord, your contents coverage. Fundbox: Best for startups. Let’s cover each of these concepts individually. If you’re unable to repay a loan, you can face severe legal and financial penalties, but you do have some options. The other 50% belongs to the surviving spouse who. A property system where the presumption is that each spouse contributes income and assets to the "community" of the spouses, and shares equally in any earnings, assets, and debts of the community. A personal guarantee is a guarantee given by an individual rather than a company. as community property with right of survivorship, the following described property situated in the County of _______________, State of Arizona. 2. 76% (as of November 16th, 2023) • A commercial mortgage broker with over 30 years of lending experience. Martin $46,688.