Marital property is the classification of property that is divided upon divorce which is why it is essential for divorcing couples to understand what marital property refers to. The other common type of property, in additional to marital property, is separate property which is not generally subject to division during a divorce and a third type of property, commingled property, may also come up during the divorce process.
Marital property refers to property that is acquired after the couple is married. By contract, separate property is property that one of the spouses entered the marriage with. Separate property can include separate earnings and property the spouse entered the marriage with; gifts; inheritances; and personal injury awards. Marital property can include property that is acquired during the marriage or income and earnings acquired during the marriage.
In some instances, property can be comingled and if property was acquired before marriage but was improved by marital income, earnings or effort, it may be considered marital property and subject to division. Determining the designation of different types of property during the divorce process becomes critically important and it can be complicated at times. As a result, divorcing couples should understand how different assets and pieces of property may be designated according to the different types of property.
Because of the complexities associated with the property division process, it can be helpful for divorcing couples to ensure they have the right guidance to make certain they understand how property is classified and divided. Property division concerns can be helped when divorcing couples of familiar with the property division process and know what to expect from it.
