Divorcing couples in Massachusetts should understand the marital property laws of the state. After all, each state handles property division in a different way. Couples must comply with state laws when dividing up their money, land, and other assets.
First of all, Massachusetts is not a community property state. There are only ten in the country. These states define almost all property obtained during the marriage as joint property. In such divorces, your assets are equally divided. In Massachusetts, property is equitably divided instead. This means the value of each portion of assets is worth about the same amount, even if it is not divided right down the middle.
Sometimes, you and your spouse may not be able to agree on the value of certain property. Because of this, some couples may bring in a certified public accountant or an appraiser. These financial advisers can help you come to an agreement on property value, ensuring equitable division.
Item worth is not the only factor courts will take into consideration during an equitable property split. They will also look at how well you and your spouse can garner financial support. This may include:
- Examining your current and future eligibility for employment
- Looking at your age and health
- Looking at the length of your marriage and any spousal misconduct
- Seeing the needs and obligations of both spouses
If you wish to read more about property division related to divorce, take a look at our web page. From there, you can springboard into other divorce related topics. This can include asset division, handling debts during divorce, and others.