What constitutes marital property?

Marital property primarily consists of assets that are acquired during the course of a marriage. This includes property bought or earned, such as real estate, vehicles, income, and investment assets, as long as they were obtained while the couple was married. The principle behind this classification is that marriage is considered a partnership, and assets accumulated during this period are typically seen as jointly owned, regardless of whose name is on the title or account.

In contrast, assets acquired before marriage, received as gifts, or inherited from relatives usually do not qualify as marital property. These items are often considered separate property because they were owned by one spouse prior to the marriage or are intended for one individual alone. Understanding these distinctions is critical in divorce proceedings, property division, and financial planning within marriage.