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Community Property

Community Property

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.


Community property refers to a U.S. state-level legal distinction that designates a married individual's assets. Any income and any real or personal property acquired by either spouse during a marriage are considered community property and thus belong to both partners of the marriage. Under community property, spouses own (and owe) everything equally, regardless of who earns or spends the income. Community property is also known as marital property.


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