Going through a divorce in Massachusetts can be a complex and emotionally challenging process, particularly when it comes to the division of marital assets. This is a critical aspect of divorce proceedings that significantly affects both parties’ futures. As such, having a skilled and aggressive divorce lawyer can make a substantial difference in protecting your interests. In this blog, we will explore the factors that judges consider in dividing assets, the types of assets involved, and the vital role of an experienced divorce lawyer in Massachusetts.
Factors Judges Consider in Dividing Assets
In Massachusetts, the division of marital assets is not automatically a 50/50 split. Instead, the courts employ an “equitable distribution” approach, which aims to divide assets fairly but not necessarily equally. Several factors influence this decision, including:
- Length of the Marriage: Longer marriages may see a more equal split of assets, reflecting the joint efforts in asset accumulation.
- Conduct of the Parties: While Massachusetts is a no-fault divorce state, the behavior of the spouses during the marriage can impact asset division if one party’s actions diminished the couple’s financial status. If one party deteriorated the assets or contributed much more greatly to the marital estate than the other, the Probate Court can consider that.
- Age and Health of Each Party: These factors can affect a person’s ability to earn income post-divorce, influencing how assets are allocated.
- Employment and Income: The courts consider current earnings and future earning capacity.
- Contributions to Marital Assets: This includes not only financial contributions but also non-monetary contributions like homemaking, raising children, and supporting the partner’s career.
The contribution of each spouse to the marital assets is particularly significant. A spouse who has significantly enhanced the value of the marital estate, either through financial means or through substantial homemaking efforts, may receive a favorable consideration. The court can also consider whether you have been accused or a victim of abuse.
Types of Divisible Marital Assets
When discussing marital assets, people often think of tangible items like homes and vehicles. However, the scope of marital assets is much broader and includes:
- Houses and Real Estate: These are often the most significant assets divided during a divorce. Factors like the original ownership (whether acquired before or during the marriage) and financial contributions to the property are critical.
- Retirement Accounts: Pensions, 401(k)s, IRAs, and other retirement accounts are also subject to division. The portion of these accounts accumulated during the marriage is considered marital property.
- Personal Property and Investments: This includes furniture, jewelry, artwork, and investments like stocks and bonds accrued during the marriage.
- Business Interests: If one or both spouses own a business, the value added to the business during the marriage is typically considered a marital asset.
Given the variety and complexity of assets, the division process can become quite intricate, requiring the expertise of a knowledgeable divorce lawyer.
The Importance of Hiring an Aggressive Divorce Lawyer in Massachusetts
The role of a divorce lawyer is not only to advocate on your behalf but also to navigate the complexities of asset division effectively. An aggressive divorce lawyer will ensure that all assets are properly valued and disclosed in financial statements, negotiate skillfully on your behalf, and protect your rights throughout the court proceedings. They play a critical role in:
- Asset Discovery: Identifying all assets that should be considered in the division, including those that the other party might wish to conceal. This includes through discovery requests, depositions, and other divorce motions.
- Valuation: Ensuring accurate and fair valuation of complex assets like businesses, stock options, and retirement accounts.
- Negotiation: Utilizing deep legal knowledge and negotiation skills to argue for a fair division of assets.
- Litigation: Representing your interests in court, should negotiations fail.
Given that the outcome of asset division can impact your financial well-being for years to come, selecting an aggressive and experienced divorce lawyer in Massachusetts is paramount. This choice can mean the difference between a settlement that secures your financial future and one that leaves you at a disadvantage.
Navigating the division of assets in a Massachusetts divorce requires understanding the complex legal landscape and a strategic approach to handling marital property. An aggressive divorce lawyer equipped with a comprehensive knowledge of Massachusetts family law and a strong commitment to your best interests can provide the essential support and guidance needed during this challenging time.
I am a divorce attorney with a long track record in Massachusetts. I help people going through divorce not only in Boston but all over Massachusetts, including the North Shore and Salem. If you are facing a divorce in Massachusetts, you need an attorney who will fight for you. Call or text me today at 617-295-7500, and let’s get started on your case!