What is community property?

Community property is any asset, which have been accumulated during the marriage. Example would be a home, cars, savings accounts, 401(K), and pensions.

Community property is any asset acquired during the marriage. Community property is divided equally during a divorce. Community property doesn’t always need to be in both spouse’s names. It just needs to be acquired during the marriage for the court to presume it is community property. For example, a car you buy after the marriage (even if it’s in your name only) is considered community property. Nevada also considers half of each spouse’s income earned during the marriage as community property. This comes up when spouses keep separate savings accounts. A bank account may have your name on it, but the money in the account came from wages you earned while married, it is community property. Community property is also separate property the spouse gifts or commingles with community. As an example, a car owned before marriage is separate property. But if a spouse adds the other spouse’s name to the title then it is considered a gift to the community and is now community property.