separate property

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Separate property is property that is owned by one spouse and not the other. There are two categories of marital propertycommunity property, and separate property. Community property is when spouses share all property equally. However, even in community property jurisdictions, like California, Arizona, Texas, etc., for division of property or in legal separation, spouses could separate the presumed community property by a clear statement or a written agreement; according to the California Family Code Division 7, Part 3, Section 2581

[Last updated in March of 2022 by the Wex Definitions Team