community property examples

Community property refers to assets acquired during a marriage, which both spouses typically own equally. For example, if a couple buys a house or earns income while married, these are considered community property. This means that, in the event of divorce, each spouse generally has a right to half of these assets. It’s different from individual property, which includes things acquired before marriage or through inheritance. Community property laws vary by state, but they aim to ensure fair division of assets gained during the marriage.