What does Community Property mean?
Community property is all property and income accumulated by a husband and wife during their marriage, with the exception of separate property owned by either of them individually before the marriage. Under community property laws, property accumulated during the marriage becomes joint property, even if it was originally acquired in the name of only one partner. Community property can also be half of each spouse's income during the marriage (salaries, wages, and other payments) and debts acquired during marriage.
Not all property is community property. For instance, separate property in a community property state can include gifts given to one spouse, property either spouse owned before the marriage and kept separate during the marriage, and inheritances.
If you live in a community property state, this can impact property distribution in divorce. General community property laws vary by state. Currently the community property states are Alaska (by agreement), Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Talk to a divorce lawyer if you have questions about what property you can keep after divorce.
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Term of the Day
The United States Department of Labor defines primary duty as the major, main, and principal component or duty of a specific employee. Information pertaining to an employee’s primary duty is used to determine if the employee is exempt or non-exempt for overtime pay.
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