Going through a divorce is an extremely painful process. While it leads to the rise of several issues for the separated couple, the distribution of assets is one of the most complex and critical issues. You must make decisions regarding asset division with proper care and legal aid.
A Massachusetts Divorce Attorney understands the impact of the assets you possess after divorce will have on the security of your financial future. They have specialized knowledge of divorce law and ensure that you receive the legal aid you require to reach a fair resolution of your case.
How does your state divide assets after a divorce?
It is common for spouses to seek the court’s assistance to decide the distribution of property. Each state has its regulations and laws, and they either follow a community property system or an equitable distribution system.
- Community property system.
Only nine states follow this system. The couple’s entire property is classified into the marital (shared) property or separate property. Marital property is usually divided equally between them while they retain their separate assets.
- Equitable distribution system.
Every other state, including Massachusetts, are equitable distribution states. This system ensures the distribution of assets justly instead of equally. While both marital and separate property can be divided by the court in this process, the original holder of separate property is usually given ownership.
Some factors that affect equitable distribution include:
- The income of each spouse and their earning capacity.
- State of their health and ages.
- Duration of their marriage.
- Standard of living maintained during the marriage.
- The additional expenses of the spouse with child custody.
How does your lawyer help?
After divorce, your assets and debts are distributed, and it is essential to know all the assets and liabilities you own separately or jointly with your spouse. These include but are not limited to real estate, vehicles, investments, retirement funds, bank accounts, and antiques. A lawyer’s guidance enables you to understand what steps you should take and simplifies the procedure.
- Ensures sure all assets and debts are taken into account.
Often, a spouse may try to hide or undervalue an asset to prevent it from being divided, according to Forbes.com. This is against the law, and your lawyer makes sure that all assets are disclosed for equitable distribution.
- Expert resources.
Not only do lawyers provide you with advice, but they also help you access the expertise of financial advisors and accountants. These experts help you understand the valuation of your assets, their value in the future, and how they will affect the taxes you pay.
A divorce attorney has the necessary qualifications and experience from helping past clients obtain a successful outcome that can benefit your case. They offer an objective perspective to your situation.
Consult an attorney at the earliest to understand your legal options for protecting your assets after a divorce.