Shared property is property or assets that spouses own together, such as money or possessions that they acquire during the relationship. If a couple divorces, their shared property is subject to equitable distribution. If spouses do not have a prenup, a court’s final ruling divides their shared property. Separate property is property that only one partner owns. In the event of a divorce, separate property remains with the individual spouse. Generally, a person must acquire an asset before marriage for it to qualify as separate property. This type of property can be purchased, gifted, or inherited.