Community Property
Community property can be described as property that is accumulated between a married couple. It does not include gifts and inheritances. All such property is considered by law to be jointly owned and equally shared. It a couple decides to divorce, the community property is divided up equally. This is done by determining a dollar amount for each item, then each party gets Ω of that dollar amount. Most couples have their favorite items, and will list the ones they want. If they are in agreement, the judge will approve it. If they both want certain property, the judge will hear their reasons for wanting it, then make a decision.
A very touchy subject in most states is the issue of common law. In today’s society, many couples choose to co-habitant rather than get married. During this time, they accumulate property in the same way as married couples do. Since they are not married, the property is not considered community property. However, some states do recognize common law when dividing up the property. Others claim what you can in to the relationship with is what you take out. Both parties then have to proof what they bought. It gets even trickier if they jointly purchased large ticket items such as a TV or a vehicle.
Some individuals have chosen to protect themselves from being involved in such legal matters by presenting a prenuptial agreement. This is generally done by individuals who are very wealthy, who have many investments, or have been burned by that process before. Prenuptial agreements can be enforced for both married and co-habitating couples.
Many people believe prenuptial agreements can have a negative effect on a couple’s relationship because it is saying I don’t trust you. Most Churches are against they as they feel it is an easy way of getting out of your commitment to stand by your partner. For the couples who sign prenuptial agreements, they view it as just another legal contract. A big reason some do it is they own a business, but with other partners. All partners have agreed to complete prenuptial agreements to ensure the security of the partnership. This way, if one of the partners has a relationship end, the business will not be in any danger.
Community property is a way of identifying items that two people jointly own. For most couples, it never becomes an issue. For those who find their relationship ending, a compromise for dividing the community property is in everyone’s best interest.
