Marital property is all property that the spouses brought into or acquired during the marriage. Marital property consists of separate property, community property, and mixed property. Lawyers also refer to this term as the marital estate.
Generally, separate property is property that has been acquired prior to the marriage or acquired during the marriage as a result of a gift, an inheritance, or an agreement. The agreement for a property to be separate may be partition or exchange agreement, survivorship agreement, a prenuptial or postnuptial agreement.
Community property is a property that has been acquired during the marriage, that is not a separate property, and both spouses share an undivided 50% interest. Community property may also be created during a conversion agreement between the spouses.
A property may also be of mixed character, such as when it is purchased by both community property and separate property funds.