September 2014

Dividing property after a divorce

If a divorcing couple has not settled their division of assets through a signed Marital Settlement Agreement in Massachusetts, the issue is left to the courts. Massachusetts is an ‘equitable distribution” state, meaning that if the parties cannot agree on how to divide their assets and debt, the Family Court within the Judgment of Divorce will award property based on what is deemed to be fair. It is important to know that ‘equitable” and ‘fair” are not synonymous with a 50-50 split of marital debt and assets. When determining how much each party gets, a number of factors will be taken into consideration. These factors include the income of each party and their current occupations, vocational skills and potential to be hired. Each party’s health and age are also taken into consideration. The length of the marriage and the behavior of each spouse throughout are also used when determining property division. To determine the assets and debt that must be divided, the Family Court will first determine which assets and debt are actually marital and assign dollar amounts. Once the monetary value is determined, property and debt will be assigned equitably. A divorcing spouse who has not been able to reach a settlement on property division without the court can benefit from a divorce attorney who can be a strong advocate. It is important that the judge has a clear idea of the spouse’s situation and that the spouse receives a favorable ruling. Source: Divorce Support, “Massachusetts Property Division Factors“,

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Determining alimony in Massachusetts

Any Massachusetts resident who is preparing for divorce may be curious as to how spousal support is assigned and whether a former spouse might be required to continue to provide health insurance. A basic overview of the law can sometimes lead to more productive negotiations. Massachusetts law allows a judge to assign property or assets belonging to one spouse to the other in addition to or instead of spousal support. It is not relevant whether the property was owned prior to the marriage. All property owned by either spouse may be divided and assigned to either spouse, regardless of whose name is on it or when the property was acquired. This is different from other states that protect property a person owned before entering the marriage. Property that may be reassigned includes retirement benefits, military retirement benefits, pensions, annuities, insurance or vested and non-vested benefits. The amount of alimony is based on several factors, including the length of the marriage, the age and health of each spouse, the conduct of the parties during the marriage, skills and employability of the spouses and each party’s needs. A judge may consider the extent to which each spouse contributed to the acquisition of the property, whether a spouse contributed as a homemaker and the needs of any minor children. When spousal support is ordered, the spouse will also be required to provide health insurance if the other spouse cannot obtain coverage. This order does not reduce the amount of alimony. When spouses separate,

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Massachusetts hopes gay marriage rights will spread

Going through a divorce can be difficult for any couple that wishes to no longer be married. The process can at times be drawn-out and stressful, depending on the circumstances of the situation. For individuals involved in a gay marriage situation, their wish to divorce can become even more difficult if they live in a state where their marriage is not recognized as legal. Massachusetts was the first state to legalize same-sex marriage, and now, representatives in the state hope to keep the pro-gay marriage movement going. A brief was recently filed with the United States Supreme Court, in hopes that the court system will look at several cases regarding whether state bans on same-sex marriage should be considered unconstitutional. Many individuals who are advocating that same-sex marriage be legalized in other areas argue that not allowing the marriages is a violation of the 14th Amendment. It was also reported that the legalization of the unions in Massachusetts has had a beneficial impact on families and marriage itself. Unfortunately, individuals who live and marry in the state may feel that they are unable to move to certain other states due to same-sex marriage not being legal in those areas. Should they move to one of those states, they may be unable to qualify for certain benefits or even be unable to divorce if they should wish to do so. Though same-sex couples in Massachusetts have the ability to legally participate in gay marriage, the topic of other states overturning the

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High net-worth divorce could complicate Massachusetts proceedings

For many Massachusetts residents, being successful may mean gaining a considerable amount of money. Measuring success in this manner is not uncommon, and many individuals hope to maintain a certain level of wealth once it has been achieved. However, high net-worth divorce could threaten a person’s ability to remain in control of their assets, especially if there was not a prenuptial agreement in place. Harold Hamm, founder of successful oil company Continental Resources, may be wishing that he had created a prenuptial agreement as he is now going through divorce. It was reported that Hamm’s worth comes in at approximately $17 billion, and now that he and his wife are separating, that wealth could potentially be split in half if it determined that it falls under marital property. In this case, the difference between hard work and luck could play a crucial role. Hamm claims that he was very lucky in obtaining the wealth that is currently attributed to his name. As a result, he believes that he should continue to be in full control of that wealth. However, the assets involved in this situation could potentially be considered marital property and up for equitable division if it is determined that Hamm’s gaining of the wealth had little to do with luck. Because Hamm would like to maintain his wealth and his wife likely hopes to gain an equal share, the high net-worth divorce could be quite complicated. For Massachusetts residents who have a considerable amount of wealth themselves, this

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