Marital assets are all properties and belongings acquired during a marriage, regardless of who legally owns them or holds the title. This includes various forms of property such as houses, cash, stocks, bonds, vehicles, pensions, and insurance policies. Additionally, if a premarital asset increases in value during the marriage, that increase is also considered a marital asset.
The term "marital assets" is primarily used in family law, particularly in divorce proceedings. It is crucial for determining how property will be divided between partners. Understanding what constitutes marital assets can help individuals navigate legal processes, including asset division agreements. Users can utilize legal templates from US Legal Forms to manage their asset division effectively.
Here are a couple of examples of abatement:
Example 1: A couple buys a home together during their marriage. This home is classified as a marital asset, regardless of whose name is on the title.
Example 2: If one spouse owned a car before marriage, but its value increased significantly during the marriage, the increase in value may be considered a marital asset. (hypothetical example)
| State | Community Property Status | Marital Asset Definition |
|---|---|---|
| California | Community property state | All property acquired during marriage is marital. |
| New York | Equitable distribution state | Marital assets are divided fairly but not necessarily equally. |
| Texas | Community property state | Similar to California, all assets acquired during marriage are marital. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Separate Property | Property owned by one spouse before marriage or acquired by gift/inheritance. |
| Community Property | Property acquired during marriage, shared equally between spouses in certain states. |
If you are facing a divorce and need to divide marital assets, start by listing all properties acquired during the marriage. Consider consulting with a legal professional for complex situations. Additionally, explore US Legal Forms for templates that can assist you in drafting agreements related to asset division.
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Marital assets are all properties acquired during the marriage, including increases in the value of premarital assets.