Marital Property Legal Meaning and Definition

Here is a simplified definition of the legal term Marital Property.

Marital Property (noun)

1. Marital Property refers to all possessions and earnings acquired by either spouse during their marriage. This typically includes things like houses, cars, money, and even retirement benefits. Both partners are viewed as equal owners of this property.

Note: The concept of Marital Property is not acknowledged everywhere, and laws can differ between states.