Community property is a legal concept used in some states to define how property is owned by married couples. Under this system, most assets and debts acquired during the marriage are considered jointly owned, meaning both spouses have equal rights to them, regardless of who earned or purchased them. In a community property state, if a couple divorces, the community property is typically divided equally between them. This includes income, real estate, and other assets obtained during the marriage, while property owned before the marriage or received as a gift or inheritance usually remains separate.