Before this act was passed in 1870, women were unable to hold property after they were married; everything they had was transferred into the husband's name under the name of coverture (with the exception of a dowry), where the couple was considered one person: the man. Once it was passed, it allowed women to retain much of their property upon marriage, including wages, and also enabled them to inherit money (partially). Unfortunately, the act wasn't perfect. It wasn't retroactive, so women already in marriages weren't affected, and men still clearly had the most power in marriages. Women were not yet independent, but it was an important step towards gender equality and the first of several property acts that expanded the financial powers of women.

Source:

http://hist259.web.unc.edu/marriedwomenspropertyact/