A "community of property" is a legal term used in marriage or partnership agreements where both partners share ownership of all assets and liabilities acquired during the relationship. This means that any property, money, or debts accumulated while together belong equally to both individuals, regardless of who earned or purchased them. In this arrangement, if the relationship ends, the assets and debts are typically divided equally between the partners. This concept is often found in various legal systems and can impact decisions related to divorce, inheritance, and financial planning, making it essential for couples to understand their rights and responsibilities.