Community Property is a legal concept used in some states to define how property is owned by married couples. Under this system, any assets or debts acquired during the marriage are considered jointly owned, regardless of who earned or purchased them. This means that both spouses have equal rights to the property. In the event of a divorce, Community Property laws typically require that the shared assets be divided equally between the spouses. This can include real estate, bank accounts, and other possessions, ensuring a fair distribution of wealth accumulated during the marriage.