Definition of community property in English:
Property owned jointly by a married couple.
- Beginning July 1, married couples can hold title to property as community property with right of survivorship.
- A few states, following the Spanish law, recognized community property, whereby all property acquired during the marriage is owned by both husband and wife and is divided equally on the dissolution of the marriage.
- Of course, if you sign a marital property agreement, you and your spouse can agree to classify these properties as community property or separate property as you wish.
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