The divorce process can be complicated for many different reasons. Many spouses wonder about the logistical side of the legal proceedings, including the division of assets. This part of divorce is tricky, but it’s important to ensure that the settlements are fair for both spouses. Most divorcing couples hire legal help to help them with this complex process. If you’re thinking about filing for divorce, you might wonder whether some decisions, such as a property division agreement, are permanent once a divorce is finalized. The good news is that our knowledgeable law firm has all the answers you’re looking for! Continue reading to learn more about this topic. For further information, feel free to reach out to a Division of Assets and Debts Lawyer in Mansfield, MA who can provide individualized legal counseling.
CAN PROPERTY DIVISION AGREEMENTS BE CHANGED LATER?
Most of the time, no. Once a property division settlement is finalized in divorce court, the legal agreement must be followed no matter what happens after the divorce. There are very few exceptions where a judge would allow someone to modify the division of assets. Most often, it’s because the judge made an error in the original settlement or because one spouse purposefully hid assets during the discovery process. In most divorce cases though, you can expect the asset division agreement to be final.
HOW ARE ASSETS SPLIT IN A MASSACHUSETTS DIVORCE?
Nowadays, most divorcing spouses understandably want control over how their assets are divided throughout the divorce process. Nowadays, it’s easier than ever for couples to come to an agreement that meets both of their needs. Most divorcing couples choose to hire either divorce attorneys or attorneys to help them make this important decision. If the spouses cannot come to an agreement on their own, a judge will have to make the final decision for them. The following factors might be considered when courts split assets:
- The length of the marriage
- Each spouse’s age and health
- Prenuptial and postnuptial agreements
- Each spouse’s financial status, including their adjusted annual income, debts, trusts, inheritances, and earning potential
- Each spouse’s standard of living during and after the marriage
- Each spouse’s contributions to the marital property
- If the couple has children, child support orders and child custody arrangements
- Possible tax consequences
Are you currently in the midst of a divorce? If the answer is yes, you might be seeking a trustworthy divorce attorney who can guide you through this difficult process. Thankfully, our highly experienced legal team is on your side every step of the way! Contact the Law Offices of Cynthia L. Hanley today for an initial consultation.