Most married couples own their real property as "tenants by the entireties." This form of joint ownership means that neither spouse can sell the property during the marriage without the consent of the other. Upon divorce, however, unless the parties have a written agreement providing for the division of the property, the court has the power to divide the property based on equitable principles. This means that the court will take many factors into account when arriving at a fair decision, although that does not always mean that the property will be divided equally.

The court takes into consideration both spouses' economic and non-economic contributions to property acquired during the marriage. If neither you and your spouse nor the court divide the property, then the nature of your ownership automatically changes after divorce and you both become "tenants in common."

The Divorce Code provides that all property acquired by either spouse during the marriage, with certain exceptions like gifts and inherited property, is marital property, regardless of in whose name the property is held. It should be noted that the increase in value during the marriage of gifts, inherited property, and premarital property which remain in party's name, will also be considered marital. Marital property, if not divided in the separation agreement, may be divided equitably by the court.

Household items, such as drapes, carpets, furniture and appliances are generally not titled in either spouse's name. Unless you can show a different intent, the law treats all such property as being jointly owned and used for the benefit of both spouses, regardless of who actually paid for it. As a part of the divorce, the court may consider these things as marital property and distribute them accordingly.

No matter whose name is on the account, you are both owners of the funds. If one spouse draws all of the money out of an account, he or she may have to account to the other for the money, no matter who originally put the funds into the account or if the account is titled in only one name. As part of the divorce, the court may consider the bank accounts as marital property and equitably divide the funds, regardless of whose names were on the accounts.