Definition - What does Marital Property mean?
Marital property refers to assets that are co-owned by spouses within a marriage. These assets are distinctly different from separate property. It only includes those assets that were acquired during the marriage. A distinction is made between the two types of property because when a marriage breaks down and assets are split, only marital must be split equally according to the law. Separate property may remain in the ownership of the single person depending on jurisdictional laws that affect marriage. Any property status within divorce proceedings will not be absolute. Each asset is considered individually and according to several factors including whether one spouse contributed more time to the asset in question.
Justipedia explains Marital Property
A distinction is made between marital and separate property in many cases of divorce because separate property is not split equally between spouses. Marital property will be split. In most cases, the primary home will be considered marital property. Separate property can include inheritances gained within the marriage, businesses that were started before the marriage, or another assets acquired through one spouse's individual means. Marital property is not always split equally. It can be slanted in favor of a spouse who maintains physical custody over the divorcing couple's mutual children. In cases such as these, the marital home is given to the spouse with physical custody over the children and then the remaining assets are usually split equally.
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