What is “Community Property”?
A marriage creates a ‘community’ between a husband and wife. They are considered to be equal partners in the marriage. Generally, any asset gained or debt incurred during the marriage is owned 50-50. In contrast, assets received by gift or inheritance would be the sole and separate property of the spouse receiving it. Equal ownership of community property means equal ownership regardless of whose name is on it. If the wife earns teacher’s retirement, half of it is the husband’s. If the husband runs up the Cabela’s credit card, half of it is the wife’s.