Meaning of common property and conditions for its application

What is a community property? Community or community property is a legal concept at the U.S. state level that defines marital property. Any income and any real or movable property acquired by either spouse during the marriage shall be considered community property and shall belong to both partners. Under the community system, spouses own (and are obligated for) everything equally, regardless of who earns or spends the income. Community property is also known as marital property.

In jurisdictions with a community system,

each spouse is considered the owner of a portion of the joint marital property, including financial and real property acquired during the marriage. In some jurisdictions, such as California, community property is divided in half and spouses each receive 50% of the property recognized as community property. In other jurisdictions, such as Texas, a judge may divide property in whatever proportion he or she deems fair to both spouses. Generally, gifts and inheritances from one spouse are not considered community property. Property acquired before marriage is also not considered community property (although in some jurisdictions such property may be converted to community property).

The history of community property

has its roots in ancient civilizations. Protection of the property rights of spouses can be found in the laws of ancient Egypt and Greece. The emergence of common property is associated with Roman society, where the family was the basic unit of society. Early in the history of Roman law, the wife had no right to own anything, but as time went on, the laws changed and the wife was given the right to own property in her own name. After the fall of the Roman Empire, common property customs were brought to the United States, such as in California, where common property was officially recognized in 1849.

In the United States, nine states have common property laws:

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. However, each state has its own laws that determine how common property is defined or what is considered a legal agreement. There are also differences in common ownership from country to country, including variations such as community acquisition and profit, community acquisition without regard to loss, limited common ownership, and absolute common ownership.

Common ownership is an important component of

of estate planning and financial management. Knowledge of community property laws can help determine how property will be distributed under different circumstances, such as death, divorce, or physical separation of spouses. When planning your estate and considering the tax and legal implications, it is always advisable to consult an attorney who specializes in the laws of your state.