Community Property

Community Property

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Community Property

Community Property definition:  Community property states recognize property acquired by individuals during the course of marriage as belonging to both marriage partners. The laws vary by state, but typically assets that are inherited or gifted are not considered community property. In community property states, spouses are only permitted to transfer their half of assets through gifts or estates. Community property is subject to probate.

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