Question

When dividing assets and debt, there are a number of types of property to be negotiated. "marital" property refers to _____?

Answer 1

This is property that is owned by both spouses in the marriage, and was also acquired during the time that the marriage lasted. These could include things like vehicles, buildings, businesses, and the like. Both partners can claim to have an ownership stake, so negotiations have to take place when (or if) the marriage dissolves.