Marital property, also known as marital assets, spousal assets or community property, matters when it comes to taxes, estate law and divorce. In most cases, separate property applies to the assets you owned going into a marriage; marital property, on the other hand, applies to the assets you acquired during the marriage. However, the lines between these categories can blur – it’s known as comingling – and when that happens separate property can become marital property. If you mix separate and marital assets, all of those assets can become part of the marriage and (therefore) considered marital property. Here’s how it works.
Consider working with a financial advisor as you consider the impact of marriage on your assets.