Legal Definitions - conquet

Conquet (also sometimes referred to as acquest or conquest) is a legal term, primarily found in jurisdictions that follow community property laws, referring to property acquired by a married couple during their marriage through their joint or individual labor, industry, skill, or efforts. This type of property is generally considered community property, meaning it is jointly owned by both spouses. It specifically excludes property received by one spouse as a gift, inheritance, or devise (through a will) from a third party, as such property is typically classified as separate property.

Here are some examples to illustrate the concept of conquet:

• Example 1: Marital Savings Account

  Sarah and Mark marry, and during their ten years of marriage, they both work full-time jobs. They regularly deposit a portion of their salaries into a joint savings account. The accumulated funds in this savings account, derived from their earnings during the marriage, would be considered conquet. This is because the money was acquired through their labor and efforts while married, rather than through a gift or inheritance to one spouse.

• Example 2: Business Profits

  After getting married, David decides to start a small consulting business. He builds the business from the ground up, working long hours, and it eventually becomes very profitable. The profits generated by David's consulting business during the marriage are classified as conquet. Even though David was the primary operator, the profits were earned through his efforts and skill while he was married, making them part of the community estate.

• Example 3: Investment Property

  Maria and Juan decide to invest some of their combined earnings from their jobs into purchasing a rental property five years into their marriage. They use their marital savings for the down payment and pay the mortgage with funds earned during the marriage. The rental property itself, along with any rental income it generates, would be considered conquet. This is because the asset was acquired and maintained using resources accumulated through their joint efforts and labor during the marriage.