Matrimonial Property (MP) is a UK legal term that refers to the jointly owned property of a married couple. The purpose of MP is to ensure that the assets and financial interests of each spouse are properly considered and protected throughout the marriage and in the event of a separation or divorce. MP includes all property, land, investments and other financial interests acquired during the marriage, regardless of whether they are held in the joint names of both spouses or in the name of one spouse. This includes jointly owned businesses, investment portfolios, bank accounts, pensions, and any other assets acquired during the marriage. The scope of MP includes both tangible and intangible assets, including family homes and investments, business assets and interests, and any other asset that has been acquired during the marriage. MP also includes any debt incurred during the marriage, such as mortgages, loans, or credit card balances.
In the event of a separation or divorce, all matrimonial property must be divided between the parties according to