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LSDefine

Simple English definitions for legal terms

community property

Read a random definition: démarche

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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windyMagician
11:09
shaq hows ur love life going? any updates?
shaquilleoatmeal
11:14
damn couldnt even get to Christmas dinner before this question lmao im not looking for anything serious rn so no updates lol
11:14
i made out with my ex in a stairwell the other day if you care. my only update
shaquilleoatmeal
11:14
oof
shaquilleoatmeal
11:14
twitter ex or a different ex
11:15
different ex
windyMagician
11:15
since its not Twitter dude I'll forgive it
shaquilleoatmeal
11:17
at least you did that before the new year, cant carry that baggage in 25
11:17
I think he thinks if I move to nyc we’re going to get back together
11:17
that’s not my plan tbh
jackfrost11770
11:18
this is so funny
shaquilleoatmeal
11:19
lmao damn wish id be classmates with this dude
shaquilleoatmeal
11:20
@cheriebomb: you never know what the future holds
jackfrost11770
11:20
also cherie fallen soldier
jackfrost11770
11:20
i got home at 8 am from the club and my neighbor was leaving to go biking. truly living in different worlds
11:20
i don’t fw him that heavy tbh
11:21
i get along better with his friends than i do with him
windyMagician
11:21
nah the hiking in Nike blazers deserves jail time
11:21
he was already vomiting and shitting in a hole I think he did his penance
windyMagician
11:26
call that restorative justice
11:35
they put a place in the UK second. I don’t trust their methodology
shaquilleoatmeal
11:35
im laughin cause it definitely isnt but the fact that some people this it is is comical
shaquilleoatmeal
11:35
tink*
shaquilleoatmeal
11:35
think jee
shaquilleoatmeal
11:35
jeez - im over it
11:37
imagine saying you want to go to boston for christmas 💀
shaquilleoatmeal
11:40
imagine you not wanting to go what lmao
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