Florida Statutes 736.1502 – Definitions
Current as of: 2023 | Check for updates
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Unless the context otherwise requires, as used in this part:
(1) “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. The property owned by a community property trust pursuant to this part and the appreciation of and income from such property shall be deemed to be community property for purposes of general law.
(2) “Community property trust” means an express trust that complies with s. 736.1503 and is created on or after July 1, 2021.
(3) “Decree” means a judgment or other order of a court of competent jurisdiction.
(4) “Dissolution” means either:
(a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or
Terms Used In Florida Statutes 736.1502
- 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
- Decree: means a judgment or other order of a court of competent jurisdiction. See Florida Statutes 736.1502
- Dissolution: means either:(a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or(b) Entry of a decree of legal separation maintenance by a court of competent jurisdiction in another state that recognizes legal separation or maintenance under its laws. 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.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Qualified trustee: means either:
(a) A natural person who is a resident of the state; or(b) A company authorized to act as a trustee in the state. See Florida Statutes 736.1502- Settlor spouses: means a married couple who establishes a community property trust pursuant to this part. See Florida Statutes 736.1502
- Trustee: A person or institution holding and administering property in trust.
(b) Entry of a decree of legal separation maintenance by a court of competent jurisdiction in another state that recognizes legal separation or maintenance under its laws.(5) “During marriage” means a period that begins at marriage and ends upon the dissolution of marriage or upon the death of a spouse.(6) “Qualified trustee” means either:(a) A natural person who is a resident of the state; or(b) A company authorized to act as a trustee in the state.A qualified trustee‘s powers include, but are not limited to, maintaining records for the trust on an exclusive or a nonexclusive basis and preparing or arranging for the preparation of, on an exclusive or a nonexclusive basis, any income tax returns that must be filed by the trust.
(7) “Settlor spouses” means a married couple who establishes a community property trust pursuant to this part.