property division

What If My Name Is Not on the Deed in a Massachusetts Divorce?

Understanding Property Rights A common misconception in divorce is that if your name is not on the deed to the marital home, you have no rights to it. In Massachusetts, that is not the case. Property ownership during divorce is determined by state law, which treats the marital home as part of the marital estate, regardless of whose name is on the title. Equitable Distribution Rules Massachusetts law requires the equitable distribution of assets, which means the court will divide property fairly, though not necessarily equally. All property acquired during the marriage is considered part of the marital estate. This includes real estate, bank accounts, retirement accounts, and other assets. The fact that a deed lists only one spouse does not eliminate the other spouse’s rights to the property’s value. Contributions Beyond Income Courts recognize both financial and non-financial contributions to the marriage. A spouse who stayed home to raise children, managed household responsibilities, or supported the family in other ways is considered to have made valuable contributions. These contributions carry weight in determining how property, including the marital home, should be divided. Property Owned Before Marriage Even if one spouse owned the home before the marriage, the court may treat some or all of the property as marital. If marital funds were used to pay the mortgage, make renovations, or maintain the home, the non-titled spouse may be entitled to a portion of its increased value. Courts will evaluate whether the home became integrated into the marital estate during the

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If my ex purchased our marital home before we were married, can I request the house as part of my divorce settlement?

In an ideal situation, you’d work with your ex to divide up assets fairly. Unfortunately, that isn’t always possible. Many couples hire attorneys to negotiate divorce terms on their behalf. Some couples even go to court and ask a judge to divide the marital estate. So the simple answer is yes, you can request the marital home as part of your divorce settlement. A property owned by one spouse at the time of the marriage can become considered marital property by the court and be subject to division as part of the marital estate.  The court may consider factors that include both spouses paying the mortgage or other expenses, or contributing toward significant improvements to the property. Divorcing couples may request specific assets during the division of property, but that doesn’t mean their request will be awarded. Massachusetts law requires the division of property in a divorce to be equitable. This means property division must be fair, though not necessarily equal. Massachusetts law allows a judge to divide all property regardless of when it was acquired or which spouse actually owns it. When dividing assets, such as property, a judge will consider the length of the marriage, the present and future needs of any dependent children, each spouse’s income and contribution, and much more. Monetary value will be assigned to the house, along with other assets for a judge to consider. Many couples opt to sell property in order to divide their assets, however, if one spouse wishes to keep the house, they may choose to forfeit other assets

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

Many people fail to realize divorce requires more than simply signing a few documents. If you’re divorcing in Massachusetts, don’t be blindsided by the many decisions you’re about to face regarding the division of your marital property. 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 are valued at the same amount, the account owner may receive different withdraw amounts. This is because withdrawals will not be taxed in the same way from a money market, for example, as other accounts would be. The division of retirement accounts can be particularly daunting. There are currently no tax codes or other regulations in place regarding IRA accounts. This has allowed courts to permit IRAs to be divided between divorcing couples. 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 taxes on those properties as well. Debt is another matter you will need to be well-informed about when dividing property. No matter who is awarded the property, debt owed is still the responsibility of both parties, if the property was jointly owned. This means in the event the awarded party cannot fulfill payment obligations, the bank or other entity holding the debt will expect the second named party to fulfill payment obligations.

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Protecting Assets in a Divorce

Divorce is as much a financial blow as it is an emotional one. Alimony and child support may take a large, even unreasonable amount out of your monthly paycheck. Conversely, if your income is much smaller than your soon-to-be-ex-spouse’s, or if you stayed at home to look after the family, you might find yourself in dire financial straits if you are not awarded a just settlement. You deserve a divorce settlement that takes into account your circumstances and your contributions to the marriage— and financial, logistical, or emotional. In this article, you will find three steps to follow to protect your assets in divorce and reach the settlement that is best for you. I. Be Open and Honest—and Savvy On your end, it is important not to hide any of your assets. Hiding your assets, or even appearing to hide your assets, may be used against you in court by your spouse and his or her counsel. In fact, most people’s attempts to hide their assets—by spending large amounts of cash—fail to improve their divorce outcomes. This is for two reasons. First, because Massachusetts family courts take into account income (earnings) rather than expenditure (spending). Second, because assets are defined as more than cash, excessive spending fails to protect non-liquid holdings like stocks, bonds, and even intellectual property. To understand the full scope of your assets, it is worth investing in professional help to you value and locate them. This way you can have the knowledge you need to II.

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If I make my living in the arts, does my spouse have a fifty percent share in rights to my artworks and the income they produce?

Yes and no. Yes, in the sense that artistic works, along with patents, trade secrets, and many other “intangible” properties, constitute intellectual property. And intellectual property, in Massachusetts, is marital property. No, in that Massachusetts does not assume “equal” (fifty-fifty) distribution of property between partners at the dissolution of a marriage, but rather “equitable.” Intellectual property falls under the requirement for equitable distribution. In dividing something intangible, such as the rights to artistic works, Massachusetts family judges will, as with other forms of property, assess the relative contribution of partners to the marriage financially, emotionally, and logistically. Intellectual property has two sorts of value to be divided. The first is the rights to income from future royalties on a work or idea. Second, the present monetary value of a work or idea. For creators or inventors, it may be wise to include provisions in a prenuptial agreement to protect your intellectual property. If you need help drawing up a prenuptial agreement, or if you are currently involved in a divorce without one, call our office today for expertise in handling intellectual property division.

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Gray divorces: Why they happen and how to avoid them

Somewhere around 2007, a new phrase entered the vocabulary of the divorce attorney: “gray divorce.” It was once virtually unheard of for couples who had been together for decades to divorce, no matter how decayed the bonds of their matrimony — now, it’s becoming much more commonplace. Some divorce attorneys think they know the reason for the trend — it’s really as simple as the fact that human longevity has increased. People are living longer and staying healthier well into their seventh and eighth decades. Only a few generations past, someone who was aged 60 or older might decide that the hassle of a divorce was pointless, given how much longer he or she expected to live an active lifestyle. Now, people approaching their 60s are seeing a future for themselves with another 20-25 healthy, active years and deciding that they don’t want to spend the last 20-25 years of their lives in a miserable marriage. Hopefully, you can avoid joining their ranks by following a few simple pieces of advice; — Don’t assume that just because you’re okay with the marriage that your spouse is also okay with the marriage. Talk about where you each are, emotionally, as you start to approach those “gray” years. — Take a frank assessment of your romantic life. Is it what you need it to be? Have all the other hassles of life gotten in the way and made you forget to pay attention to that part of your relationship? It’s time to

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Immigrants tying the knot after signing a prenup

Because the current political climate has taken a darker turn toward immigrants, a lot of foreign nationals are “tying the knot” with their American brides and grooms almost impulsively. Marrying a United States citizen is one of the quickest ways to achieve your lawful permanent resident status, or green card. However, an impulsive marriage could raise red flags with immigration officials, especially if it includes a prenuptial agreement. Immigration attorneys say that many of the international couples who are rushing their weddings are also getting prenups — just in case the marriages don’t work out — to protect their assets. Prenups aren’t unusual, especially for professional couples with considerable wealth. About 14 percent of couples have them. A prenup would seem like a reasonable thing to do, especially if a couple is marrying after a whirlwind romance or a long-distance love affair. However, most of those couples don’t have to worry about an Immigration and Customs Enforcement agent investigating whether or not the marriage is a fraud designed to get around restrictive immigration laws. If a marriage is deemed a sham, the consequences can be serious — it could include deportation, the inability to return to the United States or even incarceration. One of the many things that ICE agents look at when they determine if a marriage is real is whether or not the couple has jointly-held assets and mingled their funds. A prenup may make that difficult to do because it’s essentially designed to keep that from happening

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Large donation leads to accusations of property division fraud

Hidden assets are a major concern for divorce lawyers. Not only are they illegal, they can end up causing major headaches down the road. That’s exactly what lies behind the troubles facing the Worcester Polytechnic Institute in Massachusetts. The Institute was gifted a total of $63 million over the years by it’s largest benefactor — which certainly has earned him some significant accolades that he must value far more than the money. Unfortunately, it seems like a portion of those funds were part of the marital assets that he actively hid from his wife at the time of their divorce. Now, she would like her portion paid back — which could put the Institute in a crunch if it has already spent or allocated the money to one of its programs. It will also likely tarnish the reputation of its benefactor permanently, despite the size of his donations. The Institute’s benefactor and his wife of 50 years divorced in 2010. During the process, the benefactor stated that he did not have any offshore accounts — conveniently forgetting about a tidy $4.5 million tucked away in a Swiss Account. That $4.5 million became part of a larger donation — $40 million — transferred to the Institute in 2014. The Institute’s benefactor may have thought that he was safe from his ex-wife’s scrutiny by then, or that the money would be able to transfer undetected, but that clearly wasn’t the case. Perhaps he thought that it was simply too late, now that

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