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property division

Divorce Facts Every Massachusetts Couple Should Know

Whether you’re anticipating a separation or contemplating divorce, you should know some key information regarding divorce in Massachusetts. Reasons for Divorce There are several permitted grounds for divorce under Massachusetts law. Traditional fault grounds—such as adultery or incarceration—as well as no-fault grounds, are justifiable means for divorce. No-fault grounds describe a faultless but irretrievable breakdown of the marriage. Support Payments Spousal support or alimony payments are the obligations of one spouse to support the other financially for a temporary or permanent basis. Not all divorce cases will involve spousal support ruling and are determined on a case-by-case basis. A number of factors are taken into consideration when awarding alimony, including the length of the marriage, the conduct of the parties during the marriage, each spouse’s age, health, and ability to earn an income. The court may also consider the contribution of each party in the acquisition, preservation, or appreciation in the value of their respective estates. Each party’s contribution as a homemaker to the family unit will also be considered. Child support guidelines are considered when determining the order of child support payments made by either spouse. The Percentage of Income formula is typically used as a Massachusetts child support guideline to calculate the support obligation. The number of children needing support, as well as each party’s income, plays a role in the allocation of child support payments. The courts also have the ability to deviate from traditional guidelines if ordered payments can be proved to be too burdensome. Custody

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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 prenuptial agreement in place to keep this property separate from that held in common in the marriage. In deciding what is an “equitable” division of property, the court will consider a number of factors. These include if the divorce is no-fault or at-fault, the relative incomes of the parties involved, and the financial and emotional contributions made by each party during the marriage. If you are seeking to protect your hard-earned assets from someone who wants more than his or her fair share, or if your contributions to the marriage and household are being downplayed, call our office today to discuss your case. We’ll help you find peace of mind.

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

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 may be have the same current value and/or balance, the account value for purposes of a division of assets, may vary based upon the nature of the account in question. For instance when dividing retirement assets, as opposed to more liquid assets such as bank accounts, any withdrawals made will be taxed to the transferor absent a properly prepared Qualified Domestic Relations Order being entered by the Court. Regarding real estate property, if one spouse is granted full control of the marital home, for example, or vacation properties, then he or she is usually expected to pay the expenses on those properties during the pendency of the divorce, including but not limited to the payment of the mortgage, real estate taxes, homeowners insurance premiums, and routine maintenance Debt is another matter you will need to be well-informed about when dividing real and other property. No matter who is awarded the property, the debt owed to the lender is still the responsibility of both parties, if the property was jointly owned. This means in the event the awarded party cannot fulfill his or her payment obligations, the bank or other entity holding the debt will expect the second named party to fulfill the payment obligations. If you’re like most families, you have

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