community property

When a couple has become married under the law, there is sometimes a misunderstanding of the ownership of property. The truth is, the marriage does not make all of a person's assets and property the property of their spouse. Property acquired by either spouse beforehand is entirely separate, whereas the property the two obtain during the course of their marriage actually belongs to both. This property, which is gained during the marriage, is called community property. If a property is called community property, each spouse has rights to it legally, although the rights are shared with their spouse. However, there are exceptions, such as something is received as a gift or property that was clearly not shared during the marriage. This distinction has proved very important in subjects of estate planning and divorce.

Fast Facts

assets inherited from a parent to one spouse is not community property

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Planning on Buying a Second Home

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Estate Planning

Are you in need of professional advice regarding estate planning?...
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