community property

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Community Property

A property owned by a married couple. Community properties have rights of survivorship. In other words, when one spouse dies, the property does not become part of the decedent's estate; rather, the other spouse continues to own the property. A couple may jointly own their home, for example. Generally speaking, a spouse is considered to be the primary beneficiary of the other's assets, such as retirement accounts, unless both spouses state otherwise.

community property

Property that is owned jointly by spouses. The legal concept in community property states that, with the exception of gifts and inheritance, all property acquired during a marriage is equally owned by each spouse. The community property statute is very important in the event that the marriage is dissolved or one spouse dies. In some locales, the concept of community property extends to individuals participating in unions other than marriage.

Community property.

In nine US states, any assets, investments, and income that are acquired during a marriage are considered community property. That is, they are owned jointly by the married couple.

For example, if you're married, live in one of these states, and buy stock, half the value of that stock belongs to your spouse even if you paid the entire cost of buying it. In a divorce, the value of the community property is divided equally.

However, property you owned before you married or that you received as a gift is generally not considered community property.

The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

community property

Property owned by a husband and wife, each owning an undivided onehalf interest by virtue of the marital relationship and not by virtue of any deed or other document of specific intent. There are exceptions for family property inherited from one side or the other. The community property states are Arizona,California,Idaho,Louisiana,Nevada,New Mexico,Texas,and Washington.

Community Property

Property considered to belong in equal shares to a husband and wife. This concept of ownership for property acquired after marriage is followed in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, and Wisconsin.
References in periodicals archive ?
com provides live links to all the shopping, content and community properties of the iTurf network.
March 3 /PRNewswire-FirstCall/ -- American Community Properties Trust , a diversified real estate organization, today announced the release of its 2005 federal tax form 1065 Schedule K-1s.
29 /PRNewswire-FirstCall/ -- American Community Properties Trust announced today that its subsidiary, Interstate General Properties (IGP), has obtained occupancy permits for forty condominium units in the Parque Escorial planned community in San Juan, Puerto Rico.
1 /PRNewswire-FirstCall/ -- American Community Properties Trust announced today that it has signed a memorandum of understanding (MOU) with the Charles County Commissioners regarding a land donation that will house a planned minor league baseball stadium and entertainment complex.
May 23 /PRNewswire-FirstCall/ -- American Community Properties Trust announced today that it has purchased an 85- unit apartment property in Baltimore, Maryland.
April 29 /PRNewswire-FirstCall/ -- American Community Properties Trust announced today that Interstate General Properties (IGP), the Company's Puerto Rico-based subsidiary, has completed the sale of large commercial parcel in Parque Escorial.
April 1 /PRNewswire-FirstCall/ -- American Community Properties Trust (Amex: APO; Pacific) announced today that its has filed a 12b-25 extension request with the Securities and Exchange Commission.

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