Which term refers to a system of property ownership where each spouse has equal interest in property acquired during marriage?

The term that refers to a system of property ownership where each spouse has equal interest in property acquired during marriage is community property. In community property jurisdictions, any property that a couple acquires during their marriage is owned jointly by both spouses, regardless of who holds the title or who purchased the property. This means that both spouses have an equal right to manage, use, and dispose of the property, reinforcing the idea of shared ownership in marriage.

Community property laws are designed to promote fairness in the event of a divorce, as both spouses have equal claims to all assets accumulated during the marriage. This legal framework contrasts with other forms of property ownership that do not necessarily provide equal ownership, such as joint tenancy, where rights of survivorship may apply, or equitable ownership, which could occur in various legal contexts unrelated to spousal rights. Community management is not a recognized term in property ownership contexts, making community property the correct choice here.