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LSDefine

Simple English definitions for legal terms

community property

Read a random definition: levis

A quick definition of community property:

Community property is when a married couple owns everything they get during their marriage together. This includes things like money, property, and even debt. Some states have community property laws, which means that both spouses own everything equally, no matter who earned it or bought it. Other states have different laws about who owns what.

A more thorough explanation:

Community property refers to assets that are acquired during a marriage by either spouse. This can include property, income, and even debt. In some states, such as California, any income, real estate, or other property acquired by either spouse during the marriage belongs to both spouses. This means that both spouses own everything equally, regardless of who purchased it or earned the income.

  • John and Jane get married and buy a house together. In a community property state, both John and Jane would own the house equally, even if only one of them paid for it.
  • Samantha and David get married and David starts a business. In a community property state, Samantha would have a legal claim to half of the income generated by the business, even if she did not contribute to it directly.
  • Mark and Lisa get married and Lisa has student loan debt. In a community property state, Mark would be responsible for half of the debt, even if he did not take out the loans.

These examples illustrate how community property laws can affect the ownership and responsibility of assets acquired during a marriage. It is important to understand the laws in your state and how they may impact your financial situation.

community interest development | community property with right of survivorship

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RoaldDahl
16:05
dodged the mich r wave what does this mean
HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
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