What is Marital Property?
If the two sides are unable reach an agreement on how to divide their property in a divorce, the court may intervene. However, the court only has the authority to divide marital property. Generally, all property acquired by either spouse after the marriage is considered “marital property.” It may include your vehicles, furniture, retirement accounts and even pets.
Marital property does not include separate property, property owned prior to the marriage, gifts, inheritances and certain workers’ compensation and social security benefits. At Huffman Butler, PLLC
we often find that these exceptions are not often clear-cut since many couples commingle their assets, particularly separate banks accounts and retirement savings, during a marriage.