Definition of "Community property"

Property owned and held jointly and equally shared by each spouse. It is purchased during their marriage, regardless of the wage-earning situation of either spouse. A spouse may not make a gift of or dispose of community property without valuable consideration and written consent of the other spouse. Also, necessaries such as furniture etc, may not be disposed of without written consent of the other spouse. On a co-owners death, one half belongs to the survivor as separate party. One half goes by will to the descendant devises or by succession to the survivor. Property owned before marriage, and property acquired after marriage by gift, inheritance, or by purchase with separate funds can be exempted from the couples community property. Such property is called separate property and can be conveyed or mortgaged without the signature of the owners spouse.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The two terms used to describe professionals in the real estate industry are “realtor” and “real estate agent”. These two terms are used interchangeably or as ...

Generally, the term turnover is the accounting method of calculating how fast operations are conducted by a business. The simplest turnover definition is the rate at which a company sells ...

Something that is of good value for the money and an attractive deal. ...

The definition of a storm ready community is any community across the country that demonstrates it has the means to prepare and educate the population for severe weather conditions. ...

The definition of an absentee owner is a property owner who does not reside on the property. An absentee can be an individual or a corporation with legal ownership over a property ...

Expenditures incurred to develop real estate. An example is the cost to build a shopping center. ...

Court order granted in favor of the landlord to remove a tenant from the property because of nonpayment of rent and/or damaging the property. The writ directs an officer of the law to ...

Character defines as a set of qualities that set apart a person, place, or object from others. When it comes to people, a character describes moral qualities and personality traits that ...

Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...

Popular Real Estate Questions