Community Property (Definition, Meaning) – If nothing else is agreed upon in a marriage contract, spouses or registered life partners live in a community property arrangement. In this case, the assets of the spouses are kept separate during the marriage, but they are combined and fairly divided upon divorce if a property adjustment is requested. Tips to Financial Planning Guide. Through a notarized marriage contract, the community property arrangement can be modified and dissolved in the case of divorce.
Community Property at a Glance: A Subtype of Separate Property
Spouses and registered life partners live in a community property arrangement
The assets of the spouses are kept separate during the marriage, but combined and fairly divided upon property adjustment
Dissolves in the case of divorce
Can be modified through a notarized marriage contract
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