Marital property
Marital property refers to assets and debts that are acquired during a marriage, which are typically subject to division upon divorce. This can include homes, cars, savings, retirement accounts, and even certain debts. The specific rules about what constitutes marital property and how it’s divided can vary by state or country. Generally, property owned before the marriage, gifts, or inheritances received by one spouse may not be considered marital property. Understanding these distinctions is important for both parties when navigating a divorce settlement.
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Marital property refers to assets and debts acquired by a couple during their marriage, regardless of whose name is on the title. This can include homes, vehicles, bank accounts, and even retirement benefits. In the event of a divorce, marital property is typically subject to division according to state laws, which may consider factors like the length of the marriage and each spouse’s contributions. It’s important to note that property owned before marriage or received as a gift or inheritance may be classified as separate property and not subject to division.