What term refers to all property acquired during the marriage, excluding gifts or wills?

The term that refers to all property acquired during the marriage, excluding gifts or wills, is known as marital property. Marital property encompasses assets and liabilities that are acquired by either spouse during the course of the marriage, regardless of whose name is on the title. This includes income earned, real estate, personal property, and debts incurred during the marriage.

Understanding the concept of marital property is crucial, particularly in the context of divorce proceedings, where the equitable distribution of assets and liabilities becomes a critical issue. Gifts or inheritances received by one spouse during the marriage typically fall outside this definition, as they are considered separate property and not subject to division unless there are specific circumstances that change their status.

The other terms listed do not accurately define this concept. Market value and market price relate to the worth of an asset or property in the marketplace, while material fact refers to information that is significant or essential in a legal context, but none pertain directly to the categorization of property within a marriage.