Newton Property Division Attorney
Attorneys Serving Newton, Boston & Middlesex County, MA
At The Halks Firm, we have the drive, determination, and specialized knowledge to help you obtain a more positive outcome at the end of your divorce. We understand the heavy personal and emotional toll that dissolving a marriage tends to take (especially when deciding who gets what), and we are here to simplify the process as much as possible. If you and your spouse have decided to divorce (or if you intend to divorce them), you must seek legal representation immediately in order to ensure you don’t get the short end of the stick in your divorce decree.
Property Division in Massachusetts
Property division is perhaps one of the most challenging and contentious aspects of divorce. After deciding to divorce, both spouses must take stock of their personal possessions and decide what property is separate and what is shared. This becomes particularly difficult for couples who have been married for 10 years or more, as well as those who have combined their major assets or named one another as co-owners of certain accounts and possessions.
How Are Assets Divided in Massachusetts?
When it comes to divorce, Massachusetts is an equitable division state, meaning that both partners maintain ownership of the income they earned individually during the marriage and each spouse has the right to retain property that is only in his or her name. However, at the point of divorce, Massachusetts courts attempt to divide all assets, property, and accounts in a way that is more or less fair, even if it is not a 50/50 split.
When determining how to divide marital assets, the court will take several factors into consideration, which include, but are not limited to:
- How long the couple was married
- Behavior of each spouse during the marriage
- Whether or not one spouse or the other could acquire assets in the future
- Needs of the children and spouses
- Who acquired specific pieces of property
- Whether one spouse or the other is employable
- Where each spouse receives income from
Because the factors listed above, as well as others, will be weighed when determining property division, it’s important that you and your spouse accurately log possessions acquired and contributions made during the marriage. The court will also consider each parties conduct during the marriage to determine how to split property, which is why it is a good idea to document that information. For example, if your spouse did not take adequate care of assets, their behavior could sway a judge’s decision on how to assign property. Our Newton property division attorneys will take the time to answer your questions about the division of property and help you accurately present information to the court.
Going through a property division dispute? Call (781) 995-0107 today to speak to a property division attorney in Newton.
How is Debt Divided Following a Divorce?
Since debt is considered "property" under divorce law, debt incurred during the marriage would be shared evenly between the spouses. If debt was accumulated during or for the good of the marriage, it is called marital debt. Buying a family car, taking out a loan, or other related expenditures may be done for the good of the marriage. Notably, an individual can be liable for debt they were previously unaware of. You'll also have to pay off the balance if your partner used credit cards without your knowledge.
Any debt introduced into the marriage, on the other hand, is entirely the responsibility of the owner. Spouses who share a credit card in MA would have to classify it as marital debt. Marital debt is usually split evenly; however, if a court determines that one spouse is unable to bear the responsibility of a percentage of debt, the percentage of liability will be divided unevenly. This saves couples who were not the higher earners from being saddled with enormous debt.
Can Assets Be Divided in Lieu of Alimony?
Under M.G.L.A. c. 208 § 34, the court could decide to divide all or part of the other spouse’s estate instead of awarding alimony.
The judge may assign the following types of assets to either party:
- Vested and non-vested benefits
- Retirement benefits
- Military retirement benefits
- Pensions
- Profit-sharing
- Annuity
- Deferred compensation
- Insurance
Speak with a Newton Property Division Lawyer at The Halks Firm Today!
Since total agreement is unlikely between divorcing partners, our team here at The Halks Firm is prepared to contend for your best interests and help you make sure you don’t lose access to important assets, savings, and valued possessions. If you are entering divorce, connect with a member of our team as soon as possible and learn how we can help you.
Let us fight for the assets you deserve after divorce. Contact us today to tell us about your situation and schedule a consultation.