Couples who wish to end their marriage through a divorce will have to face the reality of dividing the marital estate. Of course, it isn’t easy for a divorcing couple to calmly and rationally divide their assets because both parties often feel as though they are entitled to certain things. When contested matters of divorce such as this arise, a judge may have to step in and rule on behalf of the parties.
When it is time to take part in equitable distribution, which is the process of dividing assets and liabilities fairly in a divorce, the court first has to determine which property is marital and which is separate. Marital property is all of the assets that were brought into the marriage or were acquired during the course of the marriage. However, there are some exceptions. Separate property, on the other hand, is anything that was owned prior to the marriage and agreed to remain separate and anything that was acquired during the marriage but was also agreed to remain separate, such as inheritance.
Some of the factors that the court will consider when dividing assets and liabilities include the following:
- The length of the marriage
- The health and age of each party
- The standard of living established during the marriage
- The earning capacity and income of the couple
- The value of marital assets
If you have questions about equitable distribution in Massachusetts, contact our firm today.
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.