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Under community property, spouses own (and owe) everything equally, regardless of who earns or spends the income. Community property is also known as marital property.
Community property states are states in which both spouses equally own all assets acquired during the marriage, regardless of who acquired the asset.
Community property states designate all assets acquired during marriage as belonging to the spouses. Find out where and how this applies.
What is community property? At its core, community property law is the belief that both people in a marriage should be considered equal partners and, therefore, are entitled to equal shares of any property acquired during marriage (commonly referred to as community property assets).
Community property is a family law term used to refer to all of the personal and real property that a couple acquires during their marriage, which legally belongs to both spouses. If the couple divorces, the community property must be divided and distributed to the parties.
What Is Community Property? Sometimes referred to as marital property, community property is a legal framework in nine U.S. states spelling out how property and assets are distributed in a divorce or upon the death of a spouse.
In the U.S., there are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. But what does living in a community property state mean, and how does it impact the division of property during a divorce? Let’s explore. What’s a Community Property State?
What Are the Community Property States? Any assets and liabilities gained by either spouse during a marriage belongs to both spouses according to community property laws implemented by nine community property states. These may include income, real estate and even debts.
The United States has nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. [1] . Four other states have adopted optional community property systems.
Community property is a form of joint property ownership law in nine states and two territories; it is optional in three states. Assets acquired before a marriage are excluded. Gifts and inheritances received during the marriage are also separate.