community property and asset division

Community property is a legal concept where certain assets acquired during a marriage are owned equally by both spouses, regardless of who earned or purchased them. When a marriage ends, these assets are divided typically 50/50, ensuring fairness. The division applies to income, savings, real estate, and other property obtained during the marriage, while assets owned before marriage or received as gifts or inheritance may be considered separate property. This system aims to balance contributions and ensure equitable distribution, reflecting the shared nature of the marriage's economic efforts.