Community Property
A system of property ownership used in some states where assets acquired during marriage are considered equally owned by both spouses.
Encyclopedia entry: Community Property
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community property
Community property refers to assets acquired during a marriage by either spouse. These assets can include property , income and even debt . Not all states recognize community property. In a “community property” state (such as California), any income, real estate , or other property acquired by either spouse during the marriage belongs to both spouses. Under community property laws, both spouses own everything equally, regardless of who purchased it or earned the income. This is often contrasted with “separate property ” states.
[Last reviewed in July of 2022 by the Wex Definitions Team
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.