Community Property Rights in a Divorce
If a divorce or dissolution of your marriage seems likely, whether the state you live in is a community property state is important to your financial future and well-being.
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Community Property
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Community property is everything the husband and wife own together. Community property includes any money earned during the marriage and any debts or property that was bought from the beginning of the marriage to the date the couple separated. In community property states, all property is jointly owned and is divided equally upon divorce or dissolution.
Community Property States
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Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin are community property states as of 2009. Puerto Rico is also considered a community property jurisdiction.
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What Is Not Community Property?
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Typically, community property includes anything acquired during the marriage. But gifts or inheritances left to only one spouse, even if acquired during the marriage, are not considered community property. Monetary gifts or inheritances can become difficult in a divorce or dissolution if an inheritance that belonged to only one spouse has been used to purchase community property such as a house.
Separate Property
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Separate property is property owned by only one spouse. Income, property or debts incurred before the marriage or after the date of separation are typically considered separate property. Inheritances or gifts are also separate property.
Date of Separation
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The end of a marriage in a court of law is typically referred to as the date of separation and varies by state. In some states, the date of separation is the date both spouses agree the marriage ended. Other states rely on more physical evidence to establish the date of separation such as the date a spouse moved out of the marital residence.
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