Related Definitions
What is Community Property?
Any assets or property acquired by either spouse during marriage that is considered to belong to both spouses equally.
A legal concept in certain states that classifies property acquired during marriage as jointly owned by both spouses, regardless of whose name is on the title. Community property laws apply to assets and debts incurred during the marriage, meaning both spouses have equal rights to the property upon divorce or death. Understanding community property is crucial for estate planning, as it affects how assets are managed and distributed, influencing probate proceedings and inheritance rights.
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