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In: Accounting

With respect to the division of property, what is the difference between community property states and...

With respect to the division of property, what is the difference between community property states and states that are not community property states?

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Expert Solution

Community property states Non community property state
In community property states, spouses share ownership of most property. The basic rule of community property is: during a marriage, all property earned or acquired by either spouse during that marriage is owned 50% by each spouse – except property received through a gift or an inheritance which was received as a "separate property." Property acquired by one spouse belongs 100% to that spouse unless the property is specifically put in the names of both spouses.

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