How are Marital Properties Divided During a Divorce in Massachusetts?
Unlike most countries, Massachusetts believes in dividing marital property after divorce fairly and equitably. An equitable manner does not necessarily mean equal distribution but comes close to fair distribution. The division of the property in an equitable manner depends on many factors, including ownership and expense. If there are any more queries, you can always visit this website and get legal assistance.
What is marital property?
All the income, property, and debts acquired during the period of marriage are considered marital assets and will be divided equitably. The fact that one of the spouses made more money or each had separate bank accounts for expenses, and either of them had spent more money on the asset is not considered.
How is the property valued?
When you are filing for a divorce, you and your spouse come up with all the financial information, including your expenses and net income. In some cases, determining the value of an asset is very easy.
It can be done with mutual discussion, which means both partners come to a common conclusion about the asset’s value. If significant assets like houses and cars are involved, expert help should be taken. If, even after the assistance of the expert, the value cannot be decided, then the judge will decide for them.
Mutual agreement on the division of assets
The spouses are allowed to divide their assets among themselves without any interference from the court and the judge. This is why the spouses are advised to settle their case outside of court and come to the court for minimal legal procedures. On major assets, there are three things you can do:
- Sell the asset and split the money.
- You keep the asset and use it.
- Your partner keeps the asset and uses it.
If you want to keep and use the asset, you will have to buy it from the other for the value it was initially purchased for.
Call a divorce lawyer for help!
The above article is just a small portion of the complicated law. Due to these reasons, it is highly advised to get the help of an educated lawyer specializing in divorce so that the lawyer can guide you during the procedure. A divorce lawyer will analyze your case and finances. Depending on the laws, the lawyer will also make sure that the divorce does not do injustice to your finances and marital properties.
