Dividing property in a divorce can be complicated, especially when emotions run high. Massachusetts follows an “equitable distribution” system, meaning property isn’t split 50/50 but rather in a way the court deems fair. Understanding how this works can help you prepare for the process.
What qualifies as marital property?
Marital property includes assets and debts acquired during the marriage, regardless of whose name is on the title. This can include houses, cars, bank accounts, retirement savings, and even business interests. Separate property, which belongs only to one spouse, includes assets owned before the marriage or received as gifts or inheritances.
How does the court determine a fair split?
The court considers several factors when dividing property. These include the length of the marriage, each spouse’s financial situation, contributions to the marriage, and future earning potential. Judges also assess non-financial contributions, such as caring for children or managing the household.
Can spouses divide property on their own?
Couples can negotiate their own property division through mediation or settlement agreements. If they reach a fair arrangement, the court will usually approve it. However, if they can’t agree, a judge will make the final decision based on Massachusetts law.
What happens to debt?
Courts divide debts based on fairness. The court looks at who incurred the debt and why. For example, debt from a joint mortgage or credit card may be shared, while one spouse may be responsible for personal loans used for non-marital purposes.
Dividing property in a divorce requires careful planning and an understanding of state laws. Knowing how courts evaluate assets and debts can help you make informed decisions about your financial future.