Question

In some states, wives and husbands own all assets jointly and equally whether or not the wife earns an income. The term used to describe this arrangement is

A. common law property system.
B. joint ownership system.
C. community property system.
D. no fault settlement act.

Answer 1

The term that describes the joint and equal ownership of assets by husbands and wives, regardless of income sources, is called the community property system.

Step-by-step explanation:

The term used to describe the arrangement where wives and husbands own all assets jointly and equally, whether or not the wife earns an income, is the community property system. This concept is derived from laws that aim to treat both marital partners as equal contributors to the property acquired during the marriage, regardless of individual income. Under this property system, assets and debts that are accrued during the marriage are considered as owned equally by both spouses. Several states in the U.S. adopt this law, contrasting with the common law property system where property is owned by the spouse in whose name it is held unless there is evidence to show otherwise.