Credit Card Glossary: Terms and Definitions
Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
- Community property
- Community property is a legal theory that all assets and debts obtained between spouses during marriage is equally owned. Property, excluding gifts or inheritance in some jurisdictions, is viewed as a result of a combined effort, and therefore is split in equal halves between spouses during a divorce.
Nine states use the community property theory: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Alaska is an "opt-in" community property state, in which couples can jointly decree what property is held in common.
Community property is the legal alternative to equitable division, which is a theory used to divide up assets based on variables relative to each spouse and his or her situation.