What does marital property include?

Marital property typically includes assets that are acquired during the marriage or the period of cohabitation. The rationale behind this classification is that any property obtained while the couple is together is often considered a joint effort and, thus, is subject to division in the event of a separation or divorce. During cohabitation, the assets that are accumulated reflect the shared financial contributions and intentions of both parties, aligning with the principle of equitable distribution in many legal systems.

In contrast, assets acquired before marriage usually remain the separate property of the individual or parties involved, unless they can be shown to have been intended as joint property. Gifts received from friends, while valuable, are generally seen as personal property specific to the individual, not subject to division unless it can be proven that the gift was intended for both. Understanding these distinctions is crucial in determining what qualifies as marital property.