Ten years ago Bonnie Clair bought a home in Austin, Texas for $50,000.
She still owes $35,000 on the
mortgage, and the home is currently worth $90,000.
She wants to refinance the mortgage and get some
extra cash for her Olympics' trip.
How much can Bonnie borrow using her home as collateral?
Clinton just lost his job and has several creditors.
He owes $800 on his VISA card, $1,400 on federal
income taxes, $650 in property taxes, and $3,200 in car loans from his bank.
Clinton's only assets are
his checking account balance of $5,200 and a house worth $85,000.
What payment does Clinton
HAVE to make to avoid foreclosure on his house
Car loan, income tax
Car loan, property tax
VISA balance, income tax
Income tax, property tax
All of the payments
Dan and Christina met each other at college.
They agreed they were married, and Dan moved into
Christina's apartment in Summer, 1999.
Both represented themselves as a married couple to others.
However, Dan graduated in Spring, 2000 and got a high-paying position with the Astros in Houston.
He has forgotten about Christina who now (Spring, 2003) wants to claim him as her husband and share
in his earnings.
Under Texas common law, does Christina have right to any of Dan's income?
Separate property in Texas can include (without any special legal agreements)
property acquired during the marriage by gift.
property acquired during the marriage by inheritance.
interest income received during marriage from separate property.
a and b only
a, b, and c
Under Texas law, the husband is regarded as the manager of the community property.
Mr. and Mrs. Bear had a baby bear (their only child).
They owned a house, East Texas real estate, a car,
and each maintained their own separate property.
Mr. Bear had a sudden accident, died, and left Mrs.
Bear to care for Baby Bear.
Their community property was worth $90,000 and Mr. Bear had separate
valued at $60,000
How much does Baby Bear receive of Mr. Bear's property?
A will written in Texas will be legally recognized and readily executed in any of the other eight
community property states.