In which type of property ownership do both spouses have equal interest in all property acquired during the marriage?

Community property is a form of ownership that typically applies in certain jurisdictions, where both spouses hold equal interest in all property acquired during the marriage. This includes assets, income, and debts incurred during the marriage, regardless of who earned the income or whose name is on the title. The principle behind community property is that marriage creates a partnership in which both spouses contribute to the acquisition of property, and thus they should share equally in its ownership.

In community property states, upon dissolution of marriage, assets classified as community property are generally divided equally between spouses, reinforcing the idea of shared ownership. This concept contrasts with other forms of property ownership, as joint tenancy and tenancy in common do not automatically provide equal ownership rights specifically based on marital status, and sole ownership indicates that only one individual holds property rights.