community property
Noun: Property and income that legally belongs jointly to both spouses in a marriage. This legal concept treats assets acquired during the marriage as owned equally by both partners, regardless of who earned the income or whose name is on the title.
"Community property" is a legal term used primarily in family law and estate planning. It describes the default ownership regime for marital assets in certain jurisdictions (known as community property states). * In a divorce, the community property is typically divided equally between the spouses. * Debts incurred during the marriage are also generally considered community property liabilities. * Assets owned by either spouse before the marriage are usually considered separate property, not community property.
- The house they bought after their wedding is considered community property.
- Under state law, her salary is community property, meaning her husband has a legal interest in it.
- The court's task was to identify and value all community property before proceeding with the divorce settlement.
- Community Property State: A U.S. state whose laws operate under the community property system (e.g., California, Texas, Arizona).
- Quasi-Community Property: Property acquired by a spouse while living in a non-community property state that would have been considered community property if acquired in a community property state. This can be relevant for divorce proceedings after a move.
- Separate Property (n): Assets owned solely by one spouse, typically acquired before the marriage or received as a gift or inheritance during the marriage. This is the direct legal counterpart to community property.
- Marital Property (n): A broader term often used in "common law" states, encompassing all property subject to division upon divorce, which may not necessarily be divided equally.
- Marital assets
- Joint marital property
The core meaning is strictly legal and financial. It does not refer to property owned by a general community (like a neighborhood). The concept focuses on the economic partnership of marriage, presuming equal contribution to the acquisition of assets during the union.
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property and income belonging jointly to a married couple
