What is marital property?

Marital property is defined as all property acquired by either or both parties during their marriage. It does not include property acquired prior to the marriage, property acquired by inheritance or gift from a third party or property excluded by valid agreement or traceable to any of these sources.

Whether or not alimony is awarded, a court may still make a monetary award based on the value of all marital property. In determining the award and amount, the court is required to consider many factors. It is important to bear in mind that the court does not have the power to change the title to property, except for pensions and retirement funds, but may adjust the rights of the parties by giving a monetary award. If either party has a pension or retirement fund entitlement, it is essential that an attorney who is knowledgeable about such matters prepare all necessary documents.

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