Which best describes "community property law" statutes as they have been adopted by most states?

Each spouse contributes to the benefit of the marriage and shares equally in the profits and income earned (but not debts owed) by both spouses in the marriage.

Each spouse contributes to the benefit of the marriage and shares equally in the profits and income earned (and debts owed) by both spouses in the marriage.

Each spouse is a separate individual with separate legal and property rights and is only taxed on the income he or she earns.

Spouses agree on a percentage interest in all property they own, regardless of which spouse acquired the property.