What is Community Property?

Community property is a form of property ownership in certain states that provides that a husband and wife each own a one-half interest in the other’s assets and earnings during the course of their marriage.

Currently, community property states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Married couples in Alaska can also adopt community property rules, at least for the purposes of that state’s law, by signing an agreement to that effect.

In a community …