Property Division in Divorce Attorneys
Equitable Asset Distribution
In the state of Massachusetts, marital property is divided according to the law of equitable distribution. This means that a couple’s property and assets are not necessarily divided 50-50, but equally and fairly, as deemed by the court. We have years of experience handling property division matters for clients in and around the Haverhill, Massachusetts, area, as well as throughout metropolitan Boston. Our lawyers can meet with clients and help them understand what property may be divided and the potential outcome for this aspect of a divorce.
Do you have questions about how your marital property may be divided in the course of a divorce? Contact our office today to speak with a knowledgeable divorce and property division attorney.
Residences, vacation homes, other real estate property, cars and physical possessions are not the only types of property and assets that are subject to division. Other types of assets that may be divided during a divorce include:
- Retirement accounts, such as a 401(k)
- Health insurance
- Employee bonuses
- Stocks and bonds
Marital Property vs. Non-Marital Property
Only marital property is divided during the course of the divorce. Non-marital property can be determined and each party can retain his or her non-marital property. Marital property is all income and earnings that were acquired during the course of the marriage. Non-marital property can include a variety of things, such as gifts or inheritances given just to the one spouse, personal injury awards, proceeds of a vested pension, property protected by a prenuptial agreement and other property that may have been acquired by one spouse only.
It is important for clients to understand that marital debt is also subject to division. This helps to minimize the possibility that the burden of carrying the debt will be placed on one party. Marital debt is divided in the same way as property and assets, equally and fairly, but not always 50-50, dependent on each individual situation.
Contact a Haverhill, Massachusetts, Property Division in Divorce Lawyer Today
We can help you seek an end to your property division matters either through an agreement with your spouse or in court. Contact our firm today to arrange your consultation.