Marital property refers to all assets and debts acquired by a couple during their marriage. This includes real estate, investments, bank accounts, retirement plans, vehicles, furniture, and other personal property. Marital property is distinguished from separate property, which belongs solely to one spouse and was not acquired with marital funds. The division of marital property is often a contentious issue in divorce proceedings, as both parties typically wish to retain their fair share of the assets accumulated during the marriage.