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Marital Property

Updated on April 22, 2024 , 2059 views

What is Marital Property?

Marital Property is a term that refers to property acquired during the marriage. The property that is owned by an individual before marriage is called separate property. Inheritances and third party gifts that an individual receives during a marriage are also called separate property. Partners can choose to keep away including certain properties from the marital property agreement by signing a prenuptial or postnuptial agreement. Note that marital property is a U.S. state-level legal term.

Certain details described in the agreement will not impact a couple unless they are divorced or one of them passes away. It is crucial for couples to learn about various types of marital property so that when they acquire any Real Estate or other types of property, they will know how ownership can be arranged. They can also choose the structure that shows their true intentions.

What Property is Considered Marital Property?

Marital Property includes real estate, investment property, house, furniture, boats, cars, paintings, etc. It also includes Bank accounts, pension securities, retirement accounts, and everything brought together during the marriage.

Marital property is legally defined to protect the rights of spouses. If a couple divorces or obtains separation legally there are certain things that come into play. If one of the spouses can’t decide how to divide their marital property, the court will make the decision for them. A couple can also decide about this even when they are drafting out their prenup agreement before marriage. They could include how they would like to distribute their property upon divorce.

Community property is another aspect to look at along with Marital property. It rules that all assets acquired during the marriage are considered "community property."

In the U.S. states having community property are Louisiana, California, Texas, Washington, Idaho, Nevada, New Mexico, Arizona, and Wisconsin.

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