Prepare To Divide Assets In Your Massachusetts Divorce
Last updated on October 1, 2024
Legally speaking, property division is at the heart of every divorce. What has belonged to both of you during your marriage will be reallocated to one or the other through a negotiated settlement or court order. According to Massachusetts family law, the division of assets should be “equitable.” A family court judge may approve or disapprove of a property division settlement based on whether it’s equitable.
At Callahan | Barraco, our robust team of divorce attorneys possesses a large pool of talent and resources for the benefit of our clients. If you work with us, we will do our best to assign the most appropriate lawyer to take the lead on your case. At the same time, your attorney will be able to tap into knowledge and insights from others at the law firm to customize your counsel.
Focusing On Complex Property Division And High-End Divorce
Our clients come from many walks of life and need help with a wide variety of marital estate issues. They often face challenges in the division of property such as the following:
- Real estate, including the marital home, vacation cabins and investment properties
- Business assets, including commercial real estate and entire profitable operations
- Stocks and stock options
- Executive-level assets, including deferred compensation
- Investment accounts and properties
- 401(k)s, pensions and other retirement assets
- Overseas accounts and properties, cryptocurrencies and other elusive or hidden assets
To protect your property rights, your future and those possessions that matter the most to you, work with a divorce lawyer who can help you manage the property division process while protecting your best interests. We strive to ensure that our clients preserve their separate property, such as inheritances, and get a fair portion of all marital property, including retirement accounts.
Our family law lawyers will draw on expert opinion, as appropriate to help our clients retain their right to equitable divorce settlements or court orders. We often collaborate with professionals such as business valuators, real estate appraisers, QDRO preparers and other experts to arrive at full, accurate pictures of marital estates for property division.
Frequently Asked Questions About Divorce In Massachusetts
The division of assets and debts can be the most difficult aspect of a divorce. It is not easy to untangle two lives that have been entwined, especially in long-term marriages. Here are some answers to common questions we hear from our clients:
What factors do Massachusetts courts consider when dividing marital property?
Massachusetts is an equitable distribution state, which means that marital assets and debts are supposed to be divided fairly – not necessarily equally. If a couple cannot agree on how to divide the marital estate, the court will generally consider things like the length of the marriage, each spouse’s contributions (whether financially or through in-kind services), the existence of any premarital or postnuptial agreements, and each spouse’s age, health and economic needs.
Who gets the house in a divorce in Massachusetts?
There is no hard-and-fast rule that dictates which spouse will keep the house. Generally speaking, couples are usually faced with three options:
- Sell the house and divide the proceeds
- One spouse buys out the other using other assets or via refinancing
- Continue to co-own the home, whether that is to provide their children with a stable home, to share living costs or to use as an investment property
Ideally, couples will agree on how to proceed regarding the house. If they cannot, then the court will aim to come to an equitable solution.
How are retirement accounts divided in a divorce?
In most cases, money that was added to a retirement account during a marriage is treated as marital property, so at least part of the account may be subject to division in a divorce. Retirement accounts are typically divided using a qualified domestic relations order (QDRO) to avoid complications with transfer or taxation.
What if my spouse is hiding assets in our divorce?
A skilled attorney can often uncover hidden assets through the use of subpoenas and financial forensic investigations. If your spouse is hiding assets, that can result in severe penalties, including fines and criminal charges related to fraud, perjury or contempt of court. In addition, the court may decide to punish your spouse by awarding what was hidden entirely to you.
Get Guidance You Can Trust
Your future financial security may be on the line as you are approaching divorce. Turn to the attorneys at Callahan | Barraco to learn how to protect your property rights. We will help you understand how to watch out for your interests as assets are split up during settlement negotiations or divorce proceedings.
Call 508-271-7963 or email us to schedule a consultation with a Massachusetts divorce lawyer.