Description :

Community property is a type of joint ownership of assets between married couples with some variation by state it means all assets purchased or acquired by a couple during their marriage are owned equally by them what is community property. Nine states observe community property laws arizona california idaho nevada new mexico texas louisiana wisconsin and washington community property touches everything from personal property ownership to debt to divorce and inheritance thats why understanding the ins and outs of community property law is essential. Community property is generally and broadly defined as all property acquired during marriage that is not established to be separate property community property is the default characterization of all marital assets it is highly favored by the laws of the community property states. If an llc is owned by a married couple as community property in a community property state and no other person would be considered an owner and no election has been made to treat the llc as a corporation then the llc is a qualified entity and can be treated as a disregarded entity at the discretion of the owners