Raymond and his wife Sandra own their primary residence in Tuscaloosa, Alabama, as joint tenants. A creditor obtains a judgment against Raymond alone for an unpaid business debt. How much of the home's equity is protected under Alabama's homestead exemption for a married couple?
Correct Answer
D) $30,000
Under Code of Alabama §6-10-2, married couples are entitled to a homestead exemption of $30,000 on their primary residence, protecting that amount of equity from most creditor claims. Because Raymond and Sandra are married and this is their primary residence, the $30,000 married-couple exemption applies.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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