There are nine states that are considered community property states. The list includes Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. If you live in one of these states, you need to understand what it means. In these community property states, couples are required to split equally all assets acquired during their marriage. If you live in one of these states, you need to think about what assets you bring into your marriage and must keep them as separate assets. Otherwise, the assets will be considered community property. Community property does not include assets owned by either spouse prior to the marriage or acquired after a legal separation. Gifts or inheritances received by one spouse during the marriage are also excluded. This topic is discussed in more detail in Chapter 2 of Financial Essentials for Couples.
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