community property theory

Community property theory is a legal concept used primarily in some states to determine how property acquired during a marriage is owned and divided. It assumes that assets and debts accumulated during the marriage are shared equally by both spouses, regardless of who earned or incurred them. Typically, spouses jointly own community property, while separate property (like gifts or inheritances) remains individual. This framework influences divorce, inheritance, and asset management, promoting fairness by recognizing the mutual contribution of both spouses to the marriage’s shared assets.