Community Property

Community property is a legal concept in some states that refers to the assets and debts acquired by a married couple during their marriage. Under this system, most property acquired while married is considered jointly owned by both partners, regardless of whose name is on the title. This means that, upon divorce or the death of one spouse, the property is typically divided equally between them. Community property laws aim to ensure fairness and equal sharing of marital assets, reflecting the partnership that marriage represents. Not all states follow community property rules; some use "equitable distribution" instead.