Marital property is generally property that is acquired during marriage, is jointly owned by the spouses, and is subject to division upon divorce—whether the spouses reside in (1) an equitable distribution or common law property state or (2) in a community property state.

Marital property is distinct from separate property, which is generally property that a spouse acquired before marriage—or acquired by gift or inheritance during marriage—and is not subject to division upon divorce.

Community property states generally include Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In these states, divorce courts generally start with the presumption that the marital property is owned equally by the spouses and will be divided equally upon divorce.

In other states—so-called equitable distribution or common law property states—the divorce court attempts to divide the spouses’ assets equitably (fairly) and may consider a spouse’s separate property in deciding to make an unequal division of the spouses’ marital property.

In practice, the difference between the division of assets in community property states and in equitable distribution states is sometimes not as great as it may seem, as the court in a community property state may have the discretion to divide the spouses’ community property on a 60-40, 70-30, or other unequal basis.

In New York, marital property is subject to the principles of equitable distribution upon divorce. This means that the court will divide the spouses' assets in a manner that is fair, though not necessarily equal. Marital property includes most assets and debts a couple acquires during their marriage, regardless of whose name is on the title. Separate property, which includes assets acquired before the marriage or by gift or inheritance during the marriage, is generally not divided during a divorce. Unlike community property states, where there is a presumption of a 50-50 split of marital assets, New York courts consider a variety of factors to reach an equitable division. These factors can include the duration of the marriage, the income and property of each spouse, the standard of living established during the marriage, and contributions as a homemaker or to the career of the other spouse, among others. It's important to note that while New York is not a community property state, the actual division of assets may not be drastically different, as courts in both systems aim to reach a fair outcome based on the circumstances of the marriage.