Protect Your Assets and Property by Contacting an Experienced Divorce Attorney
Every person who is facing divorce has concerns about the division of assets and property. It is not insensitive, and it does not make you a bad person to be thinking of things at such an emotional time. Instead, it makes you a realist who is accepting the entire impact of your divorce and the new beginning that you are about to embark upon. But what does catch most people off guard is the fact that property is not always divided equally between the two spouses. This is one reason that you can greatly benefit from the experience and expertise offered by the divorce lawyers at DiBella Law Injury and Accident Lawyers Call their Boston Personal Injury Lawyer team for a free consultation at (617) 870-0907.
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Establishing Priorities
Massachusetts is what is legally referred to as an equitable division state, meaning that property and assets are not necessarily divided equally between the divorcing spouses. Knowing this, it is important that you have guidance in establishing your goals for the division of marital property. Your Boston divorce attorney at DiBella Law Injury and Accident Lawyers has years of experience working to evaluate and prioritize these items, while carefully taking into account both the short-term and long-term implications of your actions. Marital property to consider when divorcing can include:
- The marital residence
- Retirement accounts, including pensions
- Stocks and other investment portfolios
- A business
- Vacation properties or other real estate
- Vehicles, valuables, valuable collections, and art
- Joint debts, loans, and financial support
It is also important to understand that not all assets owned by each person are necessarily a marital asset. Gifts, inheritances, vested pensions, and separate businesses may all be separate property that is not subject to this division. Your divorce attorney will be able to clarify each item that you are unsure about as each case is unique.
Personal Property vs. Marital Property
Personal property can be thought of as the assets that a person owned prior to the marriage. Marital property is considered to be all of the assets that the couple acquired during their marriage. In most cases, marital property does not include gifts that are given to one spouse during the time of his or her marriage. When the spouses cannot reach an agreement on the division of property, the court will evaluate many factors to determine the distribution of marital property. The factors can include:
- Length of the marriage
- Contributions of each spouse to the marital estate
- Each spouse’s earning potential
- Each spouses health and age
Each marital property division is handled on a case-by-case basis, and there is no true formula or method to estimate how a division will be determined. Your attorney can, however, provide you with a great deal of insight on the process from his or her vast experience in working with the Massachusetts Probate and Family Court. For a free case evaluation, call DiBella Law Injury and Accident Lawyers at (617) 870-0907.
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