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Community Property

Definition

A legal concept in some states where property acquired during marriage is owned equally by both spouses.

What to consider

  • Understand how your state’s laws affect shared property in marriage.
  • Consider the implications for asset division in a divorce.
  • Know your rights to ensure fair treatment in joint ownership.

Real world scenarios

  • In their state’s community property laws, twins Ava and Alex learned that any assets acquired during their marriage would be shared equally.

Related terms

Probate
Chapter 7 Bankruptcy
Power of Attorney (POA)
Bankruptcy
Chapter 13 Bankruptcy

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