Forms of Ownership: Community Property
Community property is a system where property acquired during a marriage is owned equally by both spouses.
Community property laws exist in some states and dictate how property acquired during a marriage is owned and distributed in case of divorce or death. Generally, any assets acquired during the marriage through the labor or efforts of either spouse are considered community property, owned equally by both. Separate property, which includes assets owned before the marriage or received as gifts or inheritances during the marriage, remains the property of the individual spouse. The concept of Community Property with Right of Survivorship allows a surviving spouse to automatically inherit the deceased spouse's share of the community property.
If a couple in a community property state buys a house during their marriage, both spouses legally own the house equally, regardless of whose name is on the title. If one spouse inherits money from a relative, that inheritance is considered separate property.
Remember that community property is generally acquired *during* the marriage and owned equally. Understand the difference between community property and separate property.
Related Terms
Practice Questions
Virginia is a:
In California, community property with right of survivorship (CPRS) differs from joint tenancy because:
Ohio recognizes which forms of joint ownership?
Georgia recognizes tenancy by the entirety:
In Georgia, to create a joint tenancy with right of survivorship, the deed must:
A man dies testate, leaving a wife and minor son. He leaves all of his property to his son. His wife claims her elective share under the Uniform Probate Code. How will the man’s property be distributed?
Texas is a community property state. Which of the following is considered separate property?
In Texas, separate property includes:
Which type of tenancy automatically includes right of survivorship in Texas?
In Michigan, when one joint tenant dies, their interest:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.