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community property
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community property


California and Texas are two of the community property states.
  property and income belonging jointly to a married couple

or:

the principle that property acquired during a marriage and funds that are commingled during the marriage are jointly owned
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Notes:
Not all states in the United States are community property states and there are differences in legal implementation within community property states.
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Samples:
  • California and Texas are two of the community property states.
  • And when we bought the house, we agreed that I should pay only a percentage of the mortgage based on what I earn and what he earns, and that I should own an equivalent percentage of community property; this is written in our prenuptial agreement.
    Amy Tan  --  The Joy Luck Club
  • Technically, the carts are community property, but no one believes that.
    Neal Stephenson  --  Snow Crash
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Associated words [difficulty]:   community property [9] , pawn shop [4] , con artist [7] , deposit slip [7] , installment plan [7] , fringe benefit [8] , pyramid scheme [8] , bounced check [9] , claims adjuster [9] , estate planning [9]
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Most commonly used in these subjects:   Personal Finance, Law, Sports
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