At some point throughout any couple’s divorce, the two parties will have to address a topic that they have likely been thinking about since the day papers were filed: equitable distribution. Equitable distribution is simply the division of assets and debts in a divorce. It is important to note that the only property that is divided in a divorce is marital property, which is anything that was accumulated by the couple throughout the course of the marriage. However, there are a few exceptions to this rule. The reason that determining which property is subject to equitable distribution is so complicated is that even some separate property that was acquired before the marriage may be subject to division as well. It all depends on the individual situation and therefore, the judge may have to make the final decision on whether it is subject to division or not.
There are several different factors that the court will take into consideration when making decisions regarding the division of assets and debts. Some of these factors include the following:
- The tax consequences that each party will face
- The contribution to assets and debts by each party
- Each party’s individual financial situation
- The value of assets
- The length of the marriage
- The standard of living established during the marriage
- The earning capacity of each party
If you have questions about equitable distribution, 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.