Community property is a state-level legal distinction of a married person's assets, such as property acquired during the course of a marriage.

Question: My husband and I are filing for divorce in 2026 and we lived together for all of 2025. My attorney told me that we can file “Married Filing Separately” or “Married Filing Jointly” for 2025.

Property division in a divorce depends on whether the state follows community property or common law rules. In community property states, most assets acquired during the marriage belong equally to ...

That reality keeps the community property basis rule, Internal Revenue Code Section 1014(b)(6), highly relevant for advanced ...