What is marital property?

Marital property refers to all property that is acquired during the course of a marriage, reflecting the idea that most assets obtained in this timeframe are considered joint assets of the couple. This typically includes any income earned or purchases made by either spouse during the marriage, regardless of which spouse holds the title to the property.

Excluding inheritances is a key aspect of this definition, as inheritances are usually categorized as separate property and not subject to division upon divorce, unless the inheritance is commingled with marital assets or otherwise agreed upon by the spouses. This understanding of marital property is crucial for legal discussions surrounding divorce, asset division, or any financial considerations arising during or after marriage.

In contrast, property acquired before the marriage, gifts during the marriage, or items listed in a prenuptial agreement fall outside this definition of marital property. Remembering this distinction is essential for those preparing for legal examinations or engaging in family law matters.