Marital property refers to assets and debts acquired during a marriage. This can include items like homes, cars, bank accounts, and retirement funds. Generally, both spouses have equal rights to this property, regardless of who earned or purchased it. In many jurisdictions, marital property is divided equitably during a divorce. This means that the court aims for a fair distribution, though not necessarily equal. Factors such as the length of the marriage and each spouse's financial situation may influence the division of marital property.