Divorce is challenging regardless of the circumstances, and the process can sometimes bring out the worst in people. If you and your spouse cannot have reasonable discussions about dividing your marital property, you might settle for less than you deserve. Your desire to complete the divorce process and move on might spur you to give up your assets.
A Boston property division lawyer could ensure that you know your rights and what you are eligible to bring out of your marriage. If you and your spouse cannot communicate productively, a skilled divorce attorney could negotiate with your spouse’s legal representative to reach a fair agreement.
Valuing Assets and Liabilities in a Divorce
Before a couple can begin negotiating a division of property, they must establish a sum of assets less their debts. Assigning a value to marital assets is one of the most time-consuming and controversial aspects of a divorce.
Each spouse must be completely transparent when disclosing their assets and debts. The law requires each spouse to submit a financial statement. If it is inaccurate, a court could impose sanctions.
During the property division process, a seasoned attorney in Boston has access to forensic accountants, business valuation experts, and others who can assist in assigning a reasonable value to various marital assets. If a spouse may be hiding assets, these financial experts could assist in uncovering any dishonesty or manipulative strategy.
How a Court Divides Marital Property
When a couple divorces, Massachusetts General Law 208C §34 requires an equitable distribution of assets and debts. These assets and debts are called a marital estate. Properties or debts that a party brought into a marriage can be, but are not always, treated as separate property. A knowledgeable Boston lawyer with experience in property division could explain whether a specific asset or debt is part of a marital estate.
When it comes to dividing property, state laws require each partner to leave a divorce with a marital estate that is fair under the circumstances. It is key to understand that fair is not necessarily equal – there are situations where one party ends up with more property or assets than the other. Factors a court can consider when determining a fair distribution of assets from a marriage include:
- The age and health of each spouse
- The earning potential of each spouse
- Whether one spouse gave up a career or educational opportunities to support the other person’s career or education
- Opportunities for a spouse to improve their financial condition
- The extent of a spouse’s childcare and other caretaking responsibilities
- The value of any separate or individual property that a spouse will take from a marriage
- The source of a debt—a judge might consider medical debt differently than debt from over-spending
Courts do not consider gender when dividing marital property. Their concern is maintaining both parties’ standard of living and ensuring that a divorce does not inflict economic harm on any children. If one party has significantly higher earning power or one spouse is economically dependent on the other, these factors will likely influence a court’s decision.
What is Alternative Dispute Resolution?
Spouses benefit when they can resolve property division issues outside of court. If a couple must litigate the property division in court, it could be months (or even years) before a court issues a decision. Avoiding a litigation allows spouses to craft a solution that makes sense for their circumstances. Developing their own agreement also speeds up the process.
When a couple and their attorneys cannot resolve property division issues, Alternative Dispute Resolution (ADR) is often helpful. There are several forms of ADR, but in each one, a neutral third party helps a couple come to an agreement. In some cases, a couple might agree to accept a third party’s decision if they cannot reach a fair settlement.
All forms of ADR are confidential, quicker, and less expensive than going to court. However, ADR is not a substitute for legal advice. When a Boston couple uses ADR to resolve a property division dispute, they should each have their attorney review an agreement before signing it.
Seek Advice from a Boston Property Division Attorney
People sometimes believe that dividing a marital estate is simple if they kept their money separate during marriage and did not accumulate significant property together. It often is not, even if an estate is relatively small. When a couple has children or significant assets or debt, reaching an equitable division could become complicated.
A Boston property division lawyer has the knowledge and experience necessary to guide a spouse through the process. Reach out today to learn how a legal professional could help you.
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