Property division is a concern in almost all divorce cases because some property is subject to settlement in most marriages. If you are planning a divorce and are worried about property division, seek legal advice from a Massachusetts family law attorney.
In terms of property division, Massachusetts follows an equitable distribution system that creates two distinct property categories: marital property and separate property. The judge determines how to divide all marital property fairly, and therefore, equitable distribution does not always mean equal distribution.
Things To Remember During The Property Division Process –
- Do not hide your assets: People believe they can hide their assets to retain them after divorce. The truth is, such an attempt may adversely impact your case if the court discovers it.
- Collect all relevant documents: Gather paperwork such as bank statements, information on retirement funds, insurance policies, and other records when you and your partner consider divorce.
- Don’t leave the marital residence: Moving out of one’s house before or during divorce is a typical mistake that many people make. It may indicate to a judge that you are uninterested in living there, providing your spouse with an edge in getting the property.
- Consider debts along with your marital assets: Note that your assets and matrimonial debts are both shared in a divorce.
- Mortgage Payments Following Divorce: The court might consider these payments as distributional criteria when one spouse makes post-divorce mortgage payments while the other spouse stays in the house. While the law enables the court to view post-divorce mortgage payments as a distributional element, the judge has a lot of autonomy in making these determinations. They have the authority to ignore the mortgage payments if found irrelevant. On the other hand, if the judge feels that the non-paying party should compensate the paying party through inequitable asset allocation, they may order so.
Detailed Procedure Of A Property Division Case –
- Listing all assets and liabilities.
The first stage in the property division is identifying all property you think is marital property—the property you and your spouse own together.
- Property Evaluation.
That’s where things may become difficult. Property is valued based on its fair market worth, and appraisals performed by financial experts such as real estate appraisers, accountants, and company valuators determine this value.
- Equitable property division.
When choosing how to divide property, family court judges examine various factors, including work status, income, shared custody, and more. It is critical to understand that spouses should split all marital debt equally.
While the process of equal distribution and property division may appear simple, complications can occur that make it more challenging. We hope that this article enlightens you on managing a few of them.
