community property vs. separate property

Community property and separate property are legal terms used to describe ownership of assets in a marriage. Community property refers to assets acquired during the marriage, which are generally considered to be owned equally by both spouses. This includes income, savings, and property obtained together. In contrast, separate property consists of assets owned by one spouse before the marriage or received as a gift or inheritance, which remain that spouse’s sole property. Understanding these distinctions is important for property division during a divorce or legal separation. Laws regarding these concepts can vary by state.