Marital Property

Marital Property

Marital property is any assets or debts acquired during the course of the marriage which each party is determine to have an equal share of during the marriage.  If the parties divorce, and the final division  is done according to the law the marital property will be divided between the parties EQUITABLY.   Under the law, it does not matter how the property or debt is titled for the debt/ asset to be considered marital property, only that the property was obtained during the marriage. 

For example, one person’s credit card debt or 401K is considered marital property even if it is solely in their name as this property was obtained during the course of the marriage.  Some other examples of marital property include furniture, stocks, bank accounts, cars, real estate and other debts.

When parties enter into a marriage, the courts tend to view the marriage like they would a business partnership.  All debts or income obtained during the marriage belong to both parties as they are essentially working as one unit together. It does not matter which party earns money during the marriage or whose name the debt is in.  The only thing that matters is that the debt was incurred or property was obtained during the course of the marriage.