Legal Categories of Property - Learn the Basics

In a divorce, there are two main legal categories of property:

Marital, Joint, or Shared Property

• Property earned, acquired or built up during the marriage regardless of individual ownership or contribution
• Includes income earned, properties purchased, investments made, and debts incurred during the marriage
• Generally, this property is subject to equitable distribution upon divorce, meaning it is divided fairly between spouses, though not necessarily equally
• Titling may matter in some jurisdictions

Non-Marital or Separate Property

• Consists of assets and debts that belong solely to one spouse
• Acquired before the marriage or through inheritance or gift during the marriage
• Explicitly outlined as separate in prenuptial or postnuptial agreements
• Spouses generally retain ownership and control over their respective non-marital property post-divorce

By accurately identifying and categorizing assets and debts, spouses and the court can ensure a fair and just distribution that considers each party's contributions, needs, and legal rights.