Community Property Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Community Property, written in plain English, along with examples of how it is used.

What is Community Property?

It is asystem of dividing property owned by husband and wife equally on divorce or on the death of one of them.This includes property that that has been acquired during their marriage without considering who paid for the property or in whose name it is owned.All property is joint property except the one that is inherited or any special gifts or anykind of property owned before marriage.It is done with the intention of being fair with the married couple regardless of who is earning more.Property that is owned separately by them can be converted into community property by agreement.