By: | Did You Know? , Preparing for Divorce

HouseSeparate property is generally property which either party brings into the marriage, is acquired during the marriage with separate funds, or received by inheritance, gift or as the proceeds of a personal injury lawsuit.

Marital property is property owned jointly by husband and wife, each having a fair (“equitable”) interest in the property by reason of the marriage. The division of marital property at the time of divorce is referred to as “equitable distribution.” This commonly includes property such as the marital residence, bank accounts, and retirement plans.

Marital property is generally anything (including debts) acquired by either party during the marriage that is not defined as separate property; any earnings of either party during the marriage (including but not limited to accumulated vacation pay, pension funds, equity in insurance policies, tax refunds, etc.).