Marital property division refers to the process of dividing assets and debts acquired during a marriage when a couple separates or divorces. This division typically includes items such as homes, vehicles, bank accounts, and retirement funds. The goal is to ensure a fair distribution based on various factors, including the length of the marriage and each spouse's financial contributions. In many jurisdictions, marital property is considered jointly owned, meaning both spouses have equal rights to it, regardless of whose name is on the title. Courts often aim for an equitable distribution, which may not always mean a 50/50 split, depending on individual circumstances and state laws.