community property


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Related to community property: separate property

community property

n. Law
In certain jurisdictions, joint ownership of all property acquired during a marriage except property acquired by gift or will.

commu′nity prop′erty


n.
property acquired by a husband and wife, considered in some states to be jointly owned.
[1920–25]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.community property - property and income belonging jointly to a married couple
belongings, property, holding - something owned; any tangible or intangible possession that is owned by someone; "that hat is my property"; "he is a man of property";
Translations
References in classic literature ?
We wouldn't have had any community property only for you.
In this edition, Carillo introduces an emerging understanding of California community property law as a marital property system that recognizes a formalized intimate partnership made up of two equal partners.
Currently, community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska (in certain circumstances).
A: The community property shall consist of all the property owned by the spouses at the time of the celebration of the marriage or acquired thereafter.
Their friends Fred and Ethel were longtime ranchers in Idaho, a community property jurisdiction.
An overnight reservoir envisioned for aquaculture farming has been built for the Iphemeleng Community Property Association.
Indeed, a wealthy partner might prefer that the couple not be subjected to community property or to spousal support obligations in the event of a split.
There are nine community property states -- those that divide all maritally-acquired assets and debt 50:50 in the event of divorce.
During a marriage the husband used community property funds to purchase an insurance policy on his life, naming his wife as the policy's only owner and beneficiary.
Community property is a form of concurrent ownership between a husband and wife created by statute in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin (Alaska also allows a full or partial community property election).
Additionally, RDPs living in one of these three states may move to a common law state taking with them property they acquired while they were domiciled in the community property state.
These laws originated from a similar community property system in Spain, which was in turn transplanted to Mexico and the United States.

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