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Community property

• Refers to assets or a method of ownership. Generally, it means that each spouse owns a 50 percent interest in an account. Upon the death of one spouse, the survivor claims his or her ownership of one-half of the asset. The other half will pass in accordance to will or to law. Each state is different in its laws and interpretations. Some states that recognize this method are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

• In certain states, the property that a married couple has acquired over the course of their marriage; in the event of a divorce, the property would be equally divided between them.

 
 Embedded terms in definition
 Assets
Asset
Event
Interest
Its
Will
 
 Related Terms
 Intellectual property
Property rights
Separation property

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