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Community property describes a type of property ownership where the husband and wife have equal shares of the property accumulated by either of them during the marriage.
This means a party can have an interest in property acquired during marriage from actions of either party by virtue of the marital status.
This is often one of the main issues to settle during a divorce.
It is important to recognize when you are dealing with community property as purchasing one such property without proper due diligence can result in future problems with title and ownership.
This is why title companies also often require both signatories to endorse the conveyance.
States that practice community property law include:
- New Mexico
Something else to note is that there are key differences between community property and separate property.