A legal arrangement by which property is owned by more than one person. Co-ownership can take several forms, including tenancy in common, joint tenancy, community property, partnership, and limited liability company (LLC).
Community property refers to property acquired during marriage and is recognized in nine states in the U.S. whereby the law presumes the property to be the product of joint efforts.
Married Filing Separately (MFS) is a filing status option for married taxpayers who wish to be responsible for their individual tax returns.
Separate property refers to assets acquired by either spouse before marriage or through gift or inheritance after marriage in community property states.
