- Possessions, real estate, and profits that spouses (husband and wife) acquire during marriage, excluding gifts and inheritances, are considered community property. In the event of divorce, community property is divided equally between spouses.
common possessions, shared assets
Related Terms and Acronyms
- Common Law Marriage (CLM) — Acronym,
- To be recognized as being married without foregoing a matrimonial ceremony.
- Community Property with Right of Survivorship (CPWRS) — Acronym,
- Division of Property — Definition,
- The dividing of marital assets during a divorce.
- Gift From a Family Member — Definition,
- A gift of cash, to a mortgage applicant from a relative by blood or marriage, which the applicant is not required to repay. In some instances it is necessary to provide a written statement to that repayment is not required.
- Joint Tenancy — Definition,
- When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
- Jointly-owned Property — Definition,
- A property held in the name of more than one person.