What is community property?

Community property is a type of joint ownership of assets between married couples. It's the law in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Married couples can elect to have some or all of their property treated as community property in Alaska by stating so in a written contract, but this type of ownership is not mandatory as it is in the other states.

Community property involves all of the property, debts and assets that a couple accrues over the life of the marriage. However, there may be some items that are not divisible.