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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Community Property

Function: noun

Definition 1:
In many states, a form of ownership under which property acquired during a marriage is presumed to be owned jointly unless acquired as separate property of either spouse. Division of community property could occur by splitting items by value. Division of community property would happen at death, or upon a divorce. Property owned separately before a marriage or received as a gift, would be considered separate property.