Marital Property is all possessions acquired by a married couple after their marriage and is subject to division if the couple gets divorced. Any debt accrued together also becomes subject to division during divorce, this usually does not include debt incurred under just one party’s name. Examples of marital property subject to division upon divorce include real estate or automobiles acquired after marriage.
As a rule of thumb, all property acquired by either spouse during the marriage is considered marital property, except:
- Any property received in a will, inheritance, gift, or bequest.
- Any property acquired through an exchange with property that itself was acquired prior to the marriage (or through a will or gift);
- Any property acquired by either spouse following a legal separation;
- Any property specifically excluded from marital property by written agreement, such as a legally valid prenuptial agreement; and
- Any increase in the value of property (see 1-4 above) acquired prior to marriage, unless marital assets were used to increase this value (for example, the labor of the other spouse).
Factors Considered by the Court Before Property is Divided
- Economic circumstances of each party
- Contribution of each party to the acquisition of marital property
- Value of non-marital property set aside for each spouse
- Conduct of each party during marriage
- Custodial arrangements for minor children