What is Community Property?

All property acquired by either spouse during the marriage is community property — the marital property shared equally by husband and wife. The exceptions are:  property acquired by gift, devise, or descent; and property acquired after service of a petition for dissolution, legal separation, or annulment when the petition results in a final decree. When a spouse commingles, or mixes, his or her separate property in with marital property, it may be transmuted into community property. Most couples will have some transmuted property to consider in their property division.