Marital property is property, however titled, which is acquired by one or both of the parties during the marriage, up to the date of divorce (not the date of separation).
Marital property does not include property: 1) acquired before the marriage, 2) acquired by inheritance or gift from a third party (other than your spouse), 3) excluded by valid agreement (e.g. Pre-Nuptial or Separation Agreement), or 4) directly traceable to any of these sources.
Absent a valid agreement, marital property automatically includes real property held as “tenants by the entireties,” such as the family home. However, the Court will consider any non-marital contributions made toward the purchase of the home when determining an equitable division of property upon divorce.
It is important to distinguish between marital and non-marital property because the Court can only divide “marital” property between spouses.
- On July 16, 2012