Which of the following is considered community property?

Community property refers to the legal concept where most property acquired during a marriage is owned jointly by both spouses, regardless of who bought or earned it. In Arizona, which follows community property laws, any property purchased during the marriage is generally deemed community property, unless it falls under specific exceptions.

The correct answer highlights that property bought by one of the parties during the marriage automatically becomes community property, assuming it does not qualify as separate property. This means both spouses have equal ownership rights to such property, even if only one spouse's name is on the title. The principle behind this is to recognize the contributions of both partners to the family’s economic welfare during the marriage.

In contrast, property bought by either party before marriage is considered separate property, as is property acquired by gift or inheritance after the marriage. Gifts and inheritances are typically classified as separate property unless specified otherwise, meaning they belong solely to the individual that received them and do not get shared within the community property framework.