What is ‘community property’

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Asked on May 6, 2017 under Family Law, Alaska

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Community property concerns the distribution of property acquired by a  husband and wife during marriagedue to either death or divorce or death. CP is not recognized in all states, however in the states in which is does exist, all property accumulated by a couple during their marriage becomes joint property (even if it was originally acquired in the name of only 1 partner). While laws vary among CP states, the basic idea is that a husband and wife each acquire a 1/2 interest the CP. CP is everything the couple owns that is acquired during the marriage with the exception of separate property owned by either of them individually. Separate property is property that each party brings into the marriage, in addition to anything that either spouse acquires by gift or inheritance during the marriage. Here is a link to a site that will explain furhter: https://family-law.freeadvice.com/family-law/divorce_law/1community_property.htm


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