Community Property (Noun)
Meaning
Property and income belonging jointly to a married couple.
Classification
Nouns denoting possession and transfer of possession.
Examples
- In the state of California, all property acquired during marriage is considered community property, unless it was specifically designated as separate property.
- The couple's vacation home was considered community property, meaning that both spouses had an equal claim to it in the event of a divorce.
- Under community property laws, each spouse has a 50% interest in all community property, including income earned during the marriage.
- The court ruled that the husband's business was community property, despite his claims that it was his separate property.
- When the couple divorced, they had to divide their community property, including their home, cars, and retirement accounts.