Florida Statutes 736.1506 – Satisfaction of obligations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Florida Statutes 736.1506
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlor spouses: means a married couple who establishes a community property trust pursuant to this part. See Florida Statutes 736.1502
Except as provided in s. 4, Art. X of the State Constitution:
(1) An obligation solely incurred by one settlor spouse before or during the marriage may be satisfied from that settlor spouse’s one-half share of a community property trust, unless a greater amount is otherwise provided in the community property trust agreement.
(2) An obligation incurred by both spouses during the marriage may be satisfied from a community property trust of the settlor spouses.