Glossary

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Community Property
Community property is any property that is owned jointly by a husband and wife. Many states recognize community property as a valid right for married couples. If the couple were to get divorced, both the husband and the wife have to come to an agreement as to who gets the home. Any proceeds from the sale of the home would be split equally. Should the husband ever pass away, the home would automatically become the property of the wife. Most mortgages list the husband and the wife on the mortgage deed upon closing the sale. It is important to stress that community property only applies to married couples. Couples living in cohabitation may not be granted these rights. Furthermore, homosexual couples who are not granted legal marriage status may not have community property rights either.