Management of the Community Estate during an Intact Marriage

Abstract

The states of this country accept one of two very different marital property regimes. The common law system is based upon title; neither spouse has an interest in the property of the other, unless property is jointly owned. In contrast, community property systems accept the concept that spouses each have an equal, vested interest in all property accumulated, by either's effort, during marriage. The significance of these distinctions at dissolution has ebbed, however: All common law states now permit some type of property adjustment at dissolution, whether the dissolution is by divorce or death. The economic ramifications of divorce certainly are becoming more similar, regardless whether the marriage is dissolved in a common law or marital property state.1