Wednesday, June 3, 2015

What is Community Property anyway?

Community Property concerns the distribution of property acquired by a couple during marriage in the event of the end of the marriage, whether by divorce or death of one of the parties. In community property states, all property accumulated by a husband and wife during their marriage becomes joint property even if it was originally acquired in the name of only one partner.  There are a few exceptions to this rule.  Arizona is a community property state.  This means this logic governs how divorce works in Arizona.

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 for a consultation.

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