Community property are things that belong to you and/or your spouse that can be bought or sold. You’re probably already thinking about things like house, car, boat, furniture, clothes, electronics, etc. But property is also anything that has value, like cash and banking accounts, security deposits on rentals, cash value in life insurance, a business, and a patent. Assets such as retirement plans, pensions, stocks, and the like, are also property that may be subject to division.
Unlike property, which are assets you own, debt is (usually) money you owe: mortgage loan, car loan, credit card debt, etc.
In California, the property and debt that a couple acquire during a marriage or domestic partnership is considered “community property” or “community debt.” California is a community property state, meaning that you and your spouse, in marriage or domestic partnership, are considered a “community.” Therefore the property and debts acquired during your marriage or domestic partnership belong to both of you.