Simple English definitions for legal terms
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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.
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.
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