Community Property refers to the principle under which property accumulated through the joint efforts of spouses is considered equally owned by both. This legal doctrine exists in several U.S. states and impacts how assets are divided in events such as divorce or death.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
In community property states, separate property refers to property acquired by either spouse prior to marriage or by gift or devise after marriage, as distinct from community property.
Tenancy by the Entirety is a form of joint property ownership reserved strictly for married couples, ensuring equal possession and incorporating the right of survivorship. Upon the death of one spouse, full ownership seamlessly transfers to the surviving spouse, offering protection from individual creditors.
