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Community Property

Trading Term

A client associated with an IBKR Joint Account. Community Property is property received by a husband and wife during the marriage, except inheritances and specific gifts to one of the spouses. This form of ownership is recognized only in certain states which have community property laws and each spouse has an undivided one-half interest in the account. The states with community property laws at this time are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico and Wisconsin. Upon the death of one spouse, the community property in the account generally passes to the other spouse with certain exceptions, including Texas, Nevada and New Mexico.

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