Marital Property Act

The Marital Property Act is a law that defines how property and assets are managed and divided between spouses during marriage, separation, or divorce. It generally establishes which assets are considered jointly owned (marital property) and how they should be distributed fairly. The law aims to protect both spouses’ rights and ensure an equitable division, taking into account contributions to the marriage and other circumstances. It can also specify how to handle debts and property acquired during the marriage, providing a clear legal framework to resolve property-related issues between spouses.