Community Property: A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. This system stemmed from germanic tribes and, through Spain, came to the Spanish colonies of North and South America. In states that maintain a community property system, such as California and other states with laws of Spanish origin, there are two classifications of property - separate property and community property. Separate property is property that either the husband or wife owned at the time of marriage or that was acquired by one spouse during marriage by inheritance, will or gift. Separate property is considered all community property and is automatically owned equally by each spouse regardless of whose name the record title is held under.

 

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Community Property: In nine US states, any assets, investments, and income that are acquired during a marriage are considered community property, or owned jointly by the married couple. For example, if you're m . . . View Full Definition

Separate Property: Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage or purchased with separate funds after the marriage.

Property Reports: The mandatory federal and state documents compiled by subdividers and developers to provide potential purchasers with facts about a property prior to their purchase.

Property Plant And Equipment Turnover: A measure of how well property, plant, and equipment are being utilized in generating a period's sales: computed by dividing net sales by average property, plant and equipment.