When couples get divorced in Massachusetts, one of the steps they will have to take before the divorce is finalized is to divide assets. Before the individuals can begin dividing up the property, they will need to determine whether the property is considered marital or separate. Separate property is any of the property that each party owned prior to the time in which the couple was married. Marital property is all of the property that the couple acquired throughout the course of their marriage.
In Massachusetts, marital property is divided through a process that is known as equitable distribution. Separate property is exempt from equitable distribution. It is important to be aware that equitable distribution does not necessarily mean that the assets will be divided equally. Equitable distribution means that assets are divided in a fair and just manner. There are a number of factors that are taken into consideration when a court is trying to divide a couple’s assets. Some of these factors include:
- the value of the marital assets
- the earning capacity of each party
- the income of each party
- the length of the marriage
- the couple’s standard of living
- the health of each party
- the age of each party
It is important that each party has an experienced divorce attorney that can represent them throughout the equitable distribution process. If you need an experienced divorce attorney, contact our firm today.
If you require compassionate and knowledgeable legal guidance for a matter of divorce or family law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today.