The term "division of marital assets" refers to the process of distributing property and resources that were acquired during a marriage, when the couple decides to divorce. This can include real estate, bank accounts, investments, personal belongings, and other items of value. The division is typically done in an equitable manner, meaning that each spouse receives a fair share of the assets based on factors such as their contribution to acquiring them, their financial needs, and any agreements made during the divorce process.