Community Property

Community Property,

What Does Community Property Mean?

  • Community Property definition is: A law (only applicable to a minority of states) states that a husband and wife are entitled to half of all income and assets acquired during the marriage at the time of divorce.

  • Community Property definition is: Joint ownership is legally owned by a married couple. It is not considered the exclusive property of any spouse, but the property is divided between them.

  • You can define Community Property as, In some states there is a law that regulates couples to share both income and property.

  • Community Property means, A special form of wealth in which each person is required to own half of the wealth acquired by the husband or wife during marriage. Community property does not generally apply to gifts, wills or property acquired by parents.

  • A simple definition of Community Property is: In many western and southern states, as well as in Wisconsin, spousal property and income control systems required by law. Differences between common law and customary law may change the application of federal tax law to spouses. For example, married taxpayers who file separately in common law states are not required to report another spouse's income. You must report income as a communal property.

  • A simple definition of Community Property is: Marital property in the sense of state law, which states that the husband and wife have an equal share in the property acquired during the marriage. This does not apply to property that has been married or acquired through donation or inheritance.

  • Assets acquired by a husband and wife or one of the spouses during marriage, if both do not acquire them as separate assets.

Literal Meanings of Community Property

Community:

Meanings of Community:
  1. A group of people who live in the same place or share certain features.

  2. The condition of partnership or sharing certain attitudes and interests.

  3. A group of interconnected plants or animals that grow or live together in natural conditions or occupy a particular habitat.

Sentences of Community
  1. The Italian community of Montreal

  2. A sense of community that organized religions can express.

  3. A community of insectivorous birds

Synonyms of Community

band, coterie, company, body, circle, bunch, gang, clique, set, ring, section, group, faction

Property:

Meanings of Property:
  1. Something or things that are shared with someone.

Sentences of Property
  1. He wants Oliver and his belongings out of his apartment.

  2. Heat properties to increase the metal evenly.

Synonyms of Property

trek, riches, possessions, effects, mark, worldly goods, personalty, resources, things, hallmark, chattels, characteristic, belongings, stuff, quality, goods, securities, feature, gear, valuables, assets, goods and chattels