community property

community property
A system, derived by several states through adoption or succession from the Spanish, Mexican, or French law, relative to property rights of husband and wife, the essential principle of which is that the earnings of either spouse by his or her toil and the exercise of his or her productive faculties belong, not to the earning or producing spouse as his or her properly, but to the "community," the entity of husband and wife. 15 Am J2d Community Prop §§ 1, 3; property acquired by either spouse during a marriage, otherwise than by gift, devise, legacy, or descent; whatever is gained, during coverture, by the toil, talent, or other productive faculty of either spouse. 15 Am J2d Community Prop § 3. The foregoing definition is not inclusive of all property rights. For example, the right to practice a profession although not acquired by gift, devise, legacy, or descent, is not to be classed as community property. 15 Am J2d Community Prop § 3.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • community property — see property Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. community property …   Law dictionary

  • community property — Property owned in common by husband and wife each having an undivided one half interest by reason of their marital status. The nine states with community property systems are Louisiana, Texas, New Mexico, Arizona, California, Washington, Idaho,… …   Black's law dictionary

  • community property — Property owned in common by husband and wife each having an undivided one half interest by reason of their marital status. The nine states with community property systems are Louisiana, Texas, New Mexico, Arizona, California, Washington, Idaho,… …   Black's law dictionary

  • community property — ☆ community property n. in certain states of the U.S., property acquired by a husband or wife, or by both, during marriage and consequently owned in common by both …   English World dictionary

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  • Community Property — A U.S. state level legal distinction of a married individual s assets. Property acquired by either spouse during the course of a marriage is considered community property. For example, an IRA in the name of an individual with a spouse,… …   Investment dictionary

  • community property — noun property and income belonging jointly to a married couple • Hypernyms: ↑property, ↑belongings, ↑holding * * * comˌmunity ˈproperty 7 [community property] noun …   Useful english dictionary

  • community property —  Assets of a married couple belonging to both people. Divorce laws vary in the United States, with some states being community property states …   American business jargon

  • Community property (disambiguation) — Community property may refer to: Community property, a marital property regime that originated in civil law jurisdictions and is now also found in some common law jurisdictions Public property, property that is owned by the state, city, community …   Wikipedia

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