What are Marital Assets?

When people are about to go through a divorce or a legal separation, one of the issues they will have to contend with is property division.  Generally speaking, before any property is divided between two spouses, it is first categorized as "separate" and "marital".

Separate property is usually considered any property that is acquired before the commencement of the marriage or after the termination of the marriage.  For example, if a spouse inherited money before his/her marriage, the money may be considered separate property and would not be subjected to distribution.

Marital property is assets that are accumulated throughout the duration of a marriage.  Marital assets may include:  homes, cars, savings accounts, vacation properties, retirement funds, tax refunds and also debt.  Property that is categorized as marital will be distributed according to the laws of the state where the divorce proceedings are to take place.

Have questions about marital property or property division?  Speak with a family law attorney now!