What is Marital Property?
Assets and debts acquired during the marriage that are subject to division in a divorce, as opposed to separate property owned before marriage or received as gifts/inheritance.
Understanding Marital Property
States use either community property (50/50 split) or equitable distribution (fair but not necessarily equal) approaches. Commingling separate property with marital funds can convert it to marital property. Business interests, retirement accounts, and real estate are commonly disputed.
Examples
- 1House purchased during marriage with joint funds
- 2Retirement accounts earned during marriage
- 3Business started during the marriage
Related Terms
Divorce
The legal dissolution of a marriage by a court or other competent body, ending the marital relationship and dividing assets, debts, and responsibilities.
Child Custody
The legal arrangement determining where children will live and who will make important decisions about their upbringing after parents separate or divorce.
Alimony
Court-ordered financial support paid by one spouse to the other during or after divorce, also known as spousal support or maintenance.
Child Support
Ongoing payments made by a non-custodial parent to help cover the costs of raising their child, typically continuing until the child reaches adulthood.
Parenting Plan
A written agreement between parents that outlines how they will share time with their children, make decisions, and handle disputes after separation or divorce.
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