Community property is made up of assets that come into marriage during the marriage through any means other than inheritance or gift. Assets acquired by the husband or wife, regardless of how those assets are titled are viewed as assets of the marital community. Not all states recognize community property. In “community property states” (such as California), community property belongs equally to each spouse. This is often contrasted with “separate property states.”
Definition from Nolo’s Plain-English Law Dictionary
A method of defining the ownership of property acquired during marriage, in which all earnings during marriage and all property acquired with those earnings are owned in common and all debts incurred during marriage are the responsibility of both spouses. Typically, community property consists of all property and profits acquired during marriage, except property received by inheritance, gift, or as the profits from property owned before marriage. Community property laws exist in Arizona, California, Idaho, Nevada, New Mexico, Texas, Washington, and Wisconsin. In Alaska, couples can create community property by written agreement. (See also: separate property
, equitable distribution
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm