Community property is defined as a property owned by both the husband and his wife. The couple will have an equal right to the property. The property can include money gained or lost, a house, or any other properties acquired during their marriage.
Married couple’s joint property in the community property state
The following are elements classified by the community property as married couple joint’s property.
- Income received by either spouse by the time they were married
- Debts uncured during the marriage
- Real estate property or personal property gained during the marriage
Elements that stay separate in a Community Property State
The following elements stay separate in community property state
- Anything obtained by either spouse after a legal separation
- Properties owned or obtained before the marriage
- Properties received as an inheritance or a gift from a third party
