Definition - What does Community Property mean?
Community property is a doctrine that establishes the ownership of assets acquired during the course of a couple's marriage. This doctrine is applied, in some jurisdictions, during the division of marital property during a divorce. The principle behind community property is that both the spouses are equal partners in any assets they acquired during the course of their marriage. After a divorce, the assets must be split equally between them.
Justipedia explains Community Property
There are two widely used methods through which marital assets are distributed between spouses during a divorce: equitable distribution and community property. Equitable distribution is used to divide marital assets fairly between the spouses. Community property gives both spouses equal ownership of any asset acquired during the marriage. Community property covers all property and wealth acquired during the course of a marriage except for inheritance, gifts, and money earned by selling an asset owned before the marriage. In the United States, the doctrine of community property for distribution of marital assets is used in the states of Nevada, Washington, Arizona, California, Wisconsin, Idaho, and New Mexico.
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