Hingham Asset & Debt Division Attorneys
Experienced and Ethical Property Division Lawyers in Massachusetts
During a divorce, asset and debt division can be one of the most stressful topics that can arise. Whether you have concerns about losing specific property or you want to ensure that your assets and debt are separated equally, you should consult with an experienced Hingham divorce lawyer.
Although lawmakers have made attempts to simplify the asset and debt division process, it can still create stress for you and your family. Our Massachusetts legal team at Kellem✶Mahoney Family Law & Mediation Group, P.C. is here to guide you through the divorce process and protect your assets.
How Does Property Division Work in Massachusetts?
Under Massachusetts law, all marital properties are supposed to be divided equitably. This means that it will not necessarily be a complete 50/50 split, but the division of assets and debt should be fair.
The Assets and Debt Which May Be Split Include:
- Cash and savings accounts
- Checking accounts
- Valuables and art
- Retirement accounts
- Real estate
Dividing Marital Property with a Mediator
If you decide to mediate your divorce, you will have the opportunity to sit down and discuss your existing property, assets, and debt and come to decisions which illustrate an equitable split. In the case that you go through litigation, the judge will decide on splitting marital property and debts.
What Is Considered Marital Property in Massachusetts?
In Massachusetts, the courts divide marital property equitably. But what constitutes marital property? According to Massachusetts law, “marital” property is anything acquired by either spouse during the marriage. This may include:
- The couple’s shared residence
- Any jointly owned real estate
- Financial accounts
- Debt that has been acquired
What Is Considered Separate Property in Massachusetts?
Anything gained before the marriage is considered “separate” property. This may include:
- Property owned prior to the marriage
- Any gifts given to a spouse from a third party may also constitute as separate property
When Separate Property Becomes Marital Property
While some states only divide martial assets, Massachusetts takes a different approach. In the state, both shared marital property and separate property have the potential to be split. However, ultimately it is up to the court and separate property can be honored.
In some cases, separate assets can also become marital property in a process known as “co-mingling”. For example, if a couple begins sharing a bank account that was previously owned by one spouse or if titles to a property are transferred, those separate assets can become community property.
Seek Protection from an Experienced Hingham Property Division Lawyer
Whether you and your spouse are facing a contested divorce or mediation, our asset and debt division attorney in Hingham or Newton can assist you. We work with other professionals when necessary to assist with the equitable distribution process, such as accountants and other individuals who can help with valuating your property and dealing with records. If you choose to seek an out of court settlement, we can guide you through the mediation process.
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