community property agreement

A community property agreement is a legal document used by married couples in certain states to specify how their combined property will be managed and divided both during their lives and after death. It typically ensures that each spouse has equal ownership of the community property, which includes most assets acquired during the marriage. This agreement can also designate how assets are distributed if one spouse passes away, often simplifying estate planning and avoiding the need for probate. Essentially, it creates a clear, mutually agreed-upon plan for handling property, providing certainty and control for both spouses.