Marital property refers to assets and debts acquired during a marriage. This can include items like homes, cars, bank accounts, and retirement funds. In many jurisdictions, marital property is subject to division during a divorce, meaning both spouses may have a claim to these assets. The rules governing marital property can vary by state or country. Some places follow the principle of community property, where all marital assets are split equally, while others use equitable distribution, which divides property fairly but not necessarily equally. Understanding these laws is crucial for couples navigating divorce.