"Marital property" (the property that comprises the marital estate) usually consists of assets which were acquired or earned during the marriage. A house can be owned by one person or can be owned jointly by multiple people. In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. For example, suppose a couple adds their son’s name to their home. A house title is a registration of the ownership of a property. A property title and a mortgage are not interchangeable terms. For detailed information on equitable distribution of marital property in New Jersey, see Equitable Distribution in New Jersey, by Susan Bishop. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. In other circumstances, how property is acquired and titled can make all the difference in the world. All owners must be listed on a house's title. For starters, it’s important to note the difference between a mortgage and a title. If a judge determines that the marital home is one spouse’s separate property, the solution is simple: the spouse who owns it, gets it. The following chart and links will provide you with information about Pennsylvania marital property laws, while the discussion below it provides more in-depth information. Common examples include homes, cars, furniture or furnishings, art, retirement accounts (like 401k’s), pension plans, businesses, and bank accounts. If a married person doesn't make a will and has no surviving children or parents at the time of his death, the surviving spouse receives the entire estate, including all marital property and property acquired before marriage. Dividing Equity in the Marital Home. Title is a legal term meaning registered owner of real property. Ohio marital property laws follow the majority of states in allowing for several different methods to divide marital property after a divorce. However, the court can’t divide non-marital property. Property held jointly is subject to claims by creditors of any of the owners. The son has a business that fails and the IRS comes after him for unpaid taxes. It doesn’t matter if the family home bought during the marriage in only one spouse’s name; the other spouse also has a right to it. In Pennsylvania, the law gives surviving spouses and children priority over other heirs. In most divorces, the marital home is a couple’s biggest asset. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. Because the son is part owner of his parents’ home… When you buy a property, the property title is transferred to your name to establish your ownership rights. However, should you remain married after your wife obtains her title to the property, any increase in the value of the property during your marriage would be considered marital. If both parties’ names are on the title, they each own a half interest in the property. Any property acquired during marriage by the efforts of either spouse is considered to be marital property, regardless of the name in which that property is titled. It’s also the center of family life and often serves as an anchor for families with minor children. A title refers to the rights of ownership to the property. Marital property is all the real and personal property acquired by the parties during the marriage and owned at the date of filing for divorce. Marital property can sometimes be difficult to identify, but it generally includes all property acquired by either spouse during the marriage, except for property acquired by gift or inheritance. 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