Community property is property that is considered to be jointly owned by both parties and was acquired during the duration of the marriage (with the exception of inheritances and gifts). Upon a divorce of the couple, community property shall be equally divided between the two parties. Community property does not include property or assets that were obtained prior to the marriage. Not all court jurisdictions recognize community property; however, it is primarily recognized in the western states. Each state has a different set of laws that govern this subject and no two states have the same set of laws. So, it is extremely important that you research and learn the individual laws that pertain to the state in which you live. Community property is recognized by the Internal Revenue Service and to view the IRS's views on the subject, Review Publication 555 to learn more. Community property issues prove to be a major aspect of divorce proceeding, especially when it comes to the marital residence and other property that the parties may have owned together. Community property can be real property or personal property.