Wednesday, June 3, 2015
What is Community Property anyway?
Laws vary among the states that recognize community property; however, the basic idea is that a husband and wife each acquire a one-half interest in what is labeled community property. A determining factor in the classification of a particular asset as community property is the time of acquisition. Community property is ordinarily defined as everything the couple owns that is acquired during the marriage with the exception of separate property owned by either of them individually. Separate property is that property that each individual brings into the marriage, in addition to anything that either spouse acquires by inheritance during the marriage. There are a few more exceptions that qualify as separate property. A qualified attorney can explain what those exceptions are. Please visit Petersen Law Firm PLLC at www.oldpueblofamilylaw.com for a consultation.