In Community of property
- No contract is needed to be married in community of property.
- Everything the parties own before the marriage will be joined and everything (assets and debts) acquired during their marriage will be shared. During the marriage, each party will own half of the joint estate.
- Some disadvantages are that both parties are liable for each other debts. In case of insolvency, both parties’ assets will be at risk and both can lose their assets, irrespective of who incurred the debt. Each other’s consent will be required to buy assets or to incur debts
- When the marriage ends, the estate will be divided equally.