Divorces can be complicated and stressful, especially when it comes to dividing property. In Massachusetts, property division laws follow the principle of equitable distribution, which means that property and assets are divided fairly but not necessarily equally between both parties.
To begin the process of dividing property, it's important to understand what property is considered marital property and what is separate property. Marital property includes any property or assets that were acquired during the marriage, regardless of whose name is on the title or deed. This can include homes, cars, bank accounts, retirement accounts, and other investments. Separate property, on the other hand, is property that was acquired before the marriage or after a separation, as well as any inheritances or gifts that were received by one spouse during the marriage and were kept separate from marital assets.
Once it is determined what property is marital and what is separate, the next step is to value and divide the marital property. In Massachusetts, the court considers various factors when determining how to divide property fairly, such as the length of the marriage, the contributions of each spouse to the marriage, the age and health of each spouse, and each spouse's income and earning potential.