Which of the following is considered marital property?

Marital property typically includes all assets and liabilities acquired during the marriage, and family assets represent the resources shared by both spouses throughout their marital life. This classification recognizes the contributions both partners make to the household, including income and homemaking, and acknowledges that these contributions are essential in building family wealth.

Family assets may encompass a wide range of possessions, including the family home, bank accounts, investments, and household items, which are generally deemed to be jointly owned by both spouses despite being titled in one spouse's name or the other. This principle is foundational in many jurisdictions, including New Brunswick, where equitable distribution seeks to ensure a fair division of property upon divorce or separation.

Other options don't typically qualify as marital property: business assets may be separate property if acquired before marriage or established by one spouse during marriage, gifts under a will to one spouse are considered individual property unless specified otherwise, and proceeds from property sold before marriage are generally not included in the marital estate at the time of divorce or separation. Thus, understanding the distinction between marital and non-marital property is crucial for equitable asset division in family law.