What is Community Property?

Community Property refers specifically to the legal framework governing property ownership between married couples. In community property states, any property or assets acquired during the marriage, regardless of who holds the title, are considered jointly owned by both spouses. This means that both partners have equal rights and claims to this property, and it is typically divided equally in the event of a divorce or death.

This concept is distinct from property owned solely by an individual, which is considered separate property. Additionally, community property does not refer to property owned by more than one person outside of a marital relationship, nor does it describe property that cannot be divided among heirs. The definition reflects a fundamental principle of marital property law, emphasizing the shared nature of marital assets during the course of the marriage.