community property

American  

noun

U.S. Law.

1. (in some states) property acquired by either spouse, or both together, that is considered by law to be jointly owned and equally shared.

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Etymology

Origin of community property

First recorded in 1920–25

Example Sentences

But rules vary: In “community property” states such as California and Texas, Bentley said spouses might be liable for debts incurred during the marriage, even if they didn’t sign for them.

From The Wall Street Journal

How an estate is divided among heirs depends on whether the assets are community property with the deceased’s spouse, the nature of the title deeds and the beneficiary designations, among other issues.

From MarketWatch

There are nine community property states in the U.S.

From MarketWatch

“More importantly, the state has complex laws about community property, homestead exemptions, and tax implications that can dramatically affect how your assets pass to your heirs.”

From MarketWatch

After we married, we could hold it as community property.

From Los Angeles Times