community of property

Community of property is a legal concept that applies to married couples or partners, where most of their assets and liabilities acquired during the marriage are shared equally. This means that both individuals have a joint ownership, regardless of who earned or purchased them. Upon dissolution of the marriage, such as through divorce, these assets are typically divided equally. Assets acquired before marriage or through inheritance may be excluded, depending on the jurisdiction. The main idea is that partners share their property and debts as a collective, emphasizing partnership and financial equality during the marriage.