In: Accounting
With respect to the division of property, what is the difference between community property states and states that are not community property states?
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. |