Equitable distribution

Equitable distribution and property division in divorce

One of the hardest aspects of divorce is the division of property between two spouses and understanding equitable distribution. Finances are often one of the major points of contention in a marriage, and this can carry over into the divorce process. It is beneficial for Massachusetts couples to understand equitable distribution and how this will affect their divorce process. During a divorce, a couple has the option to work together on an agreement that will dictate the division of assets and other aspects of dividing finances. This can be achieved through mediation and the assistance of each spouse’s legal teams. However, this amicable process is not always possible with every couple, and it may be up to the discretion of the court how property and assets will be divided. Equitable distribution is the division of property according to what the court deems reasonable or fair. This is based on spouse earnings, marital property, length of the marriage and more. It is important to remember that equitable division in no way guarantees that this process will be completely equal or reflect the wishes of the couple. For this reason, many couples choose to work on an agreement to divide their property. Determining how property should be divided is not an easy task. Because of the potential complexity of this process, it is beneficial to understand all options and how to pursue the optimal outcome from the divorce. Equitable distribution is one aspect of a divorce that may be confusing for Massachusetts

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Beyond equitable distribution: the financial impact of divorce

When facing a divorce, a Massachusetts couple will likely consider equitable distribution of things, such as which spouse will keep the house, child custody and spousal support. However, there is much more to the divorce process than just equitable distribution of assets and property. There are long-term financial consequences that should be considered by both parties when working through a divorce. A divorce can have a major financial impact on an individual and family. Before or during the early stages of a divorce, it is beneficial for both parties to gather the financial information all assets. This includes retirement funds, long-term savings, vacation properties and more. Organizing tax records can also expedite the process of determining child and spousal support. Massachusetts couples may not ever consider which spouse will carry the debt burden leftover from the marriage. This is especially important for a couple who has a large amount of debt from credit cards, medical bills or a mortgage. This may make it difficult to establish separate finances, but it can be done with the correct preparation and legal guidance. It should be noted that couples should clearly designate in a divorce settlement how retirement funds and other long-term savings will be divided. Separating finances is one of the most complicated aspects of a divorce. Equitable distribution is a common goal for many individuals facing a divorce, but the long-term impact of financial distribution should be carefully considered. When an individual enters the divorce process with clearly established goals and

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Property division in Massachusetts best left to prenup

Massachusetts residents considering divorce have many decisions to make. Some divorce proceedings are relatively simple, as there are no children or assets to consider, while other divorce proceedings require lengthy amounts of time attempting to determine the equitable distribution of property and other assets. Due to issues such as these, many couples have begun to consider prenuptial agreements. On June 5, 2013, in a post titled “A prenup can simplify Massachusetts property division“, we told our readers about the best ways to establish a prenup and be sure that it is valid. What many couples may not understand is that most states have a prenup of sorts already in place. Some individuals spend a significant portion of their years acquiring significant assets and building their careers. Once they make the decision to be married, many do not consider the possibility of that union dissolving. When a marriage does dissolve, regardless of the generosity of one spouse to the other, it is important their marriage end equitably. When there is no prenup, then it may be up to the state to determine what is fair and equitable, which may not be in the best interests of both spouses. When the state is left to divide property, regardless of how simple or complex the assets may be, a one-size-fits-most approach is used in place of a tailored plan designed to fit the needs of each spouse. The equitable distribution of assets is important to each individual’s financial future, which is one reason

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