Marital Asset & Debt Division Attorney in Worcester, Massachusetts
According to the National Vital Statistics Report, there were 630,505 divorces and annulments in the United States in 2020. Asset and debt division remains an essential matter that divorcing couples must resolve in every case. All divorcing couples are required to evaluate their assets, property, debts, and liabilities and determine how to divide them between the spouses.
If there are issues or disagreements regarding asset and debt division, however, the Massachusetts court will be called upon to determine the distribution of marital assets.
If you are considering divorce and want to understand how your assets and debts will be divided, consulting with a knowledgeable Massachusetts family law attorney is imperative. At Solutions Through Mediation, we are committed to offering comprehensive guidance and advocacy to clients in the legal matters of divorce and division of property and debts. As your mediator, I can help you evaluate your unique circumstances, guide you through the Massachusetts asset division process, and create an environment which will allow you to divide your property in a dignified and respectful manner which will allow you to decide which marital assets will be shared between you and what assets will remain with each of you after the Divorce Judgment issues from the Probate and Family Court.
Solutions Through Mediation proudly serves clients across Worcester and surrounding areas throughout Worcester County and the Commonwealth of Massachusetts.
Please call or email us to set up a free initial consultation today.
Marital Property vs. Separate Property in Massachusetts
In a Massachusetts divorce case, all assets of the parties, including those inherited or in a Trust Instrument, whether revocable or irrevocable, are considered marital property until they are designated separate by agreement or Court determination.
Marital property comprises all assets, debts, and liabilities accumulated by couples during the course of their marital union. Examples of marital property include the marital home, cars, second homes, income, retirement savings, royalties, bank accounts, stocks, credit card charges, 401k accounts, rents, business interests, as well as other assets or debt accrued during the marriage. Some property brought into the marriage is also in the marital pot and subject to distribution.
Separate property comprises all property and assets owned, liabilities, and debts incurred by either spouse prior to the marriage. In addition, personal gifts, third-party inheritances, and personal injury compensation received by each spouse during the marriage will be considered separate property.
Who Determines How Assets Are Divided?
Depending on the circumstances surrounding the marital dissolution, the division of assets and debts in Massachusetts may either be uncontested or contested.
Uncontested Asset Division
Asset division is said to be uncontested when the spouses mutually agree on the key terms concerning how their assets, debts, and liabilities will be distributed. All agreed-upon terms must be carefully and accurately documented in the marital Separation Agreement. This agreement should be signed by both parties and filed with the Massachusetts court for official approval. A practiced divorce lawyer can advocate for your best interests and help keep the conversation productive.
Contested Asset Division
In contrast, in a contested asset division, the couples aren’t able to agree on one or more vital property division terms. The Massachusetts court will intervene and help resolve any pending issues. A court hearing will be scheduled, where the judge will issue a final asset division order. An experienced asset division attorney can help present your case meticulously and increase your chances of achieving the most favorable outcome in your property division case.
Factors Considered in Asset Division
Massachusetts is an equitable distribution jurisdiction. According to state laws, marital assets and debts in every divorce must be divided fairly and reasonably, but not necessarily equally. Therefore, to achieve equitable distribution of assets, the court may consider the factors below:
The duration of the marriage
Each party’s conduct during the marriage
Each party’s health condition, age, and station in life
The occupation, vocational skills, and employability of each spouse
The amount and sources of income of either spouse
The liabilities and needs of each spouse
The estate of each spouse
The opportunity for each party to accumulate capital assets and income in the future
Any other factor considered necessary by the judge to achieve equitable distribution
An experienced Massachusetts asset and debt division attorney can guide you through the legal procedures involved and assist you in achieving an agreement that is fair and reasonable for both parties.
How Solutions Through Mediation Can Help
Division of assets is among the most contentious divorce issues, and it is often fiercely contested. Various tasks such as separating your assets and finances, identifying marital property, evaluating business assets, retirement savings, or debts can make the whole asset division process even more complicated. Therefore, it is crucial that you speak with a seasoned family law attorney to help you achieve a result that is respectful of your spouse and the sources of assets and debt.
With more than 30 years of extensive family law experience, I have developed the diligence to assist and guide individuals and couples through the complexities of asset and debt division in a divorce. Often a referral to a Financial Specialist can be an excellent next step in determining how you will divide marital assets and debt. As your attorney or mediator, I can assist you in careful evaluation of your marital assets, debts, finances, and family business and enlighten you about your different legal options. I will work with all parties involved to resolve property division matters amicably and quickly and help make your transition as seamless as possible.
Marital Asset & Debt Division Attorney in Worcester, Massachusetts
If you need proper guidance with asset and debt division in your divorce, contact me at Solutions Through Mediation to schedule a free initial consultation for a preliminary case assessment.
Through the mediation or Collaborative Process, I can offer you the assistance of an experienced legal counsel and guide you in navigating your divorce case. If you require legal advocacy, I bring many years of experience to my representation of Divorce clients who prefer not to Mediate. My firm is proud to serve clients across Worcester and surrounding areas throughout Worcester County and the rest of Massachusetts.