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Community property refers to the division of marital property according to a fifty-fifty split . States that apply the principles of community property require the equal division of marital assets and debt (that is, marital property) since each spouse is theoretically considered an equal partner in the marriage. This is not to say, however, that married couples cannot own separate property. Nor does it mean that married couples cannot themselves decide, by way of a written agreement, what constitutes community property and what does not.
Some examples of community property may include:
Examples of separate property may include:
If you are thinking about divorce and need information on about community property laws and the division of property, or if you need help drawing up a written prenuptial agreement, it is best to consult with an experienced divorce attorney who can help you understand the law and protect your best interests .
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* The states that apply the principles of community property include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In Alaska, married couples can agree to adopt community property rules. Puerto Rico also falls under community property jurisdiction.
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