Dividing assets during divorce can be tricky for some couples. If they have many assets, the process may take longer. When couples are not able to divide their assets amicably, they may have to have a judge divide their assets for them. During this time, their property will be split into separate property and marital property. Separate property is not involved in the distribution process since it is owned by one spouse prior to marriage. Marital property is involved in the division of the assets. This property was brought into the marriage intended to be for the couple or bought during their marriage.
How is equitable distribution used?
Equitable distribution is an idea that judges use to divide the assets. It is intended to split the assets in a fair and just manner. This is not supposed to be equal though. Assets are to be split based on many factors. The duration of the marriage will be assessed by judge. Other factors that are taken into account include the health and age of each spouse, the standard of living, the earning capacity and income of each couple and the value of the marital property. These factors can be used by judges to consider the best way to divide the assets. When a prenuptial agreement is in place, it can make the division of assets easier. Some assets may already be claimed in the prenup. In prenuptial agreements, spouses will claim certain assets and properties before they become married. This can be put in place in case a divorce is a possibility. Spouses should be sure to have their businesses in their prenuptial agreement or else their business might be up for division. This may be able to harm them since they will want to retain full control of their business. If their spouse maintains some control, it can make it hard for them to work together and their business may suffer.
If spouses have a high net worth, this can affect the division of assets. When spouses have a high net worth, it usually means that they have a lot of assets. These assets are valued at a high price. They may also possess an increased debt. This can be factored into the division as well. There are many assets and properties to consider at this time.
If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today. Our firm proudly serves clients in Mansfield, Massachusetts and throughout Bristol County.