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community property

 

Definitions from WordNet

Noun community property has 1 sense
  1. community property - property and income belonging jointly to a married couple
    --1 is a kind of
    property, belongings, holding, material possession

Definitions from the Web

Community Property

Definition:

Community property refers to a legal system that governs the ownership and division of property acquired during a marriage or civil partnership. In this system, both spouses have equal rights and ownership over all assets acquired during the marriage, regardless of who purchased or earned them.

Senses and Usages:

  1. Legal: Community property is a legal concept primarily applied in some U.S. states and countries with civil law systems.
  2. Marriage: It defines the ownership and division of assets between spouses in the event of divorce, separation, or death.
  3. Debt Responsibility: Community property also includes responsibility for debts and liabilities incurred during the marriage.

Sample Sentences:

  • The couple decided to move to a community property state after getting married.
  • During the divorce proceedings, the judge will determine how to fairly divide the community property.
  • Under community property laws, both spouses are equally responsible for any debts accumulated during the marriage.

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