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Tag: Division of Assets

Don’t Fall Victim to Hidden Assets During Divorce

When it comes to divorce in Massachusetts, everything related to finances must be fully disclosed. This includes every single asset, purchased together or otherwise, as well as all accumulated debts. Each spouse is instructed to report known findings through a financial affidavit. It is against the law to purposely hide, understate, or overstate assets, as well as any marital property, debt, income, or expense. In extreme cases, this can potentially lead to the withholding party being sentenced to serve time in jail. If you suspect

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Don’t Be Blindsided By The Division of Marital Property in Your Divorce

Many people fail to realize divorce requires more than simply signing a few documents. If you’re divorcing in Massachusetts, don’t be blindsided by the many decisions you’re about to face regarding the division of your marital property. Not all property is valued or taxed in the same way; therefore, the process can be long and confusing without the help of a knowledgeable attorney at your side. It’s important to consider that even though different financial accounts are valued at the same amount, the account owner

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Missteps To Avoid In A High Net Worth Divorce

While divorce is prevalent across the country, each case is different. Real estate, business ownership, and significant financial interests can put you in high-asset divorce territory. Couples experiencing a high-asset divorce are prone to a number of common mistakes, all of which can be avoided. Like other marriages, high net worth couples don’t divorce without reason. From addictions to infidelity, extreme differences in parenting styles and growing apart, divorce always stems from one issue or another. In the case of a high net worth divorce,

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Protecting Assets in a Divorce

Divorce is as much a financial blow as it is an emotional one. Alimony and child support may take a large, even unreasonable amount out of your monthly paycheck. Conversely, if your income is much smaller than your soon-to-be-ex-spouse’s, or if you stayed at home to look after the family, you might find yourself in dire financial straits if you are not awarded a just settlement. You deserve a divorce settlement that takes into account your circumstances and your contributions to the marriage— and financial,

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Does Massachusetts divide property equally between the spouses during a divorce?

Rather than divide marital property equally, the Commonwealth of Massachusetts’ family law code seeks to divide it equitably. Massachusetts defines “marital property” as any property—be it income, assets, real estate, or everyday items—that comes into possession of the couple or either of the spouses individually during the course of the marriage. This could include trade secrets, stock holdings, and artistic creations. For individuals of high net worth, or those who make their living by possessing valuable intellectual property, it is especially valuable to have a

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Who Gets The House In A Massachusetts Divorce

Going through a divorce is challenging, unsettling and even frightening. Having to divide property only adds to the stress.  A family law question that most divorcing couples ask is who gets the house?  It is often the largest asset that a couple has and can easily become a point of serious contention during divorce proceedings. While some states recognize the idea of community property, in which both spouses own all property jointly and split it down the middle in a divorce, Massachusetts does not.  Instead, the

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Division of Assets in a Massachusetts Divorce

How are the automobiles, money accounts, insurance policies, retirement accounts, home and all the rest divvied up? When it comes to family Law and divorce, Massachusetts is an “equitable distribution” state, meaning that property division, including debts, be fair.  This does not mean that the split is 50/50 but rather that a judge or arbitrator divides the assets and debts according to what he deems fair and equitable. The state recognizes marital property, which is property and debts acquired during the marriage, and separate property, which is

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Can Divorce Affect Inherited Property?

One of the most complex and important issues in any divorce is the division of property. While some divorcing spouses are able to come to an agreement on this issue outside of court, in many cases a judge must step in and direct an equitable distribution of assets. However, determining which assets may be distributed is often a source of confusion, and laws vary state-by-state. In Massachusetts, it is important to remember that all property – even property inherited by one of the spouses –

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Appeals Court Ruled In Favor Regarding Division Of Marital Assets

The former husband took the position that since the Alimony Reform Act of 2012 defined the length of marriage as date of marriage to date of service of the summons, that marital assets should be divided in the same manner. Historically assets were valued and divided as of the date of divorce. The former husband appealed the decision of the trial court which followed the historical view of asset division and rejected his assertion that assets should be valued and divided as of the date

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Client Awarded All Pre-marital Assets

Client obtained favorable divorce judgment wherein the Client was awarded all pre-marital assets and the spouse was awarded assets with little present value as that was all the spouse brought to marriage. Client received favorable settlement despite difficulty in evaluating the spouse’s business interest. Client received a disproportionate division of the ascertainable assets to compensate for the difficulty in evaluating precisely the spouse’s business interest.

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