Asset Division is based on the understanding that both spouses contributed to the marital assets during the marriage. Spouses can contribute both economically and non-economically. One spouse may have worked while one spouse may have been at home, but together they were able to build the marital assets. When two spouses divorce, both spouses should be put back in a similar “station in life” as they enjoyed while they were married. The court understands that this is not always possible, and your “station in life” may decrease when you need to maintain two separate households; however, one spouse should not have to suffer financially while the other spouse is able to gain an economic advantage. The court uses several factors to help determine what is a fair and equitable split of the marital assets and debt should be. It is important to note that an equitable division of property does not depend upon which spouse holds legal title to the property.
Understanding how an equitable division of assets and debts may be reached is an often difficult and daunting task. UrbanoLaw will review the facts and evidence, with the use of the discovery process and due diligence, to help best determine what your rightful share of the marital property should be. Oftentimes this may require the use of real estate, accounting or business valuation experts. UrbanoLaw has a wealth of connections with such professionals who will be ready to assist in maximizing your division of assets in accordance with the equitable distribution principles.
Factors to Be Considered:
Massachusetts M.G.L. c.208, § 34 states that the court shall consider the following factors in ordering an equitable division of the martial assets.
- Length of marriage;
- Conduct of the parties during the marriage;
- Age of the parties;
- Health of the parties;
- Station of the parties;
- Occupations of the parties;
- Amount and sources of income of the parties;
- Vocational skills of each party;
- Employability of each party;
- Estate of each party;
- Liabilities and needs of each party;
- Opportunity of each party for future acquisition of capital assets and income;
- Amount and duration of alimony; and
- Present and future needs of the child(ren) of the marriage.
In addition, M.G.L. c.208 § 34 also provides several discretionary factors that the court may consider when ordering an equitably division of the martial property:
- What were the contributions of each of the parties in the acquisition, preservation, or appreciation in value of their respective estates; and/or
- What were the contributions of each of the parties as the homemaker to the family unit.
Examples of Property Subject to Division:
In dividing assets, the court may assign to either spouse, all or any part of an estate. Below are some examples of property that is subject to division in Massachusetts:
- Real Property;
- Jewelry;
- Bank Accounts;
- Vehicles;
- Livestock;
- Coin Collections;
- Frequent Flier Miles;
- Professional Baseball Season Tickets;
- Country Club Memberships;
- Airplanes;
- Artwork;
- Timeshares;
- Income Tax Returns;
- Stocks;
- Stock Options;
- Bonds;
17. Pension Plans;
18. Retirement Plans;
19. Insurance;
20. Annuity;
21. Profit-Sharing Plans;
22. Deferred Compensation;
23. Real Estate;
24. Closely Held Business Interests;
25. Premarital Assets;
26. Gifted Assets;
27. Inherited Assets;
28. Restricted Stocks;
29. Damage Awards;
30. Military Retirement Benefits if Qualified; and
31. Debts Liabilities and Dissipation.
Modification:
Once a judgment provides for the division of assets, that award becomes permanent and non-modifiable absent extreme circumstances.
Tax Consequences:
The court does not have to consider detrimental or advantageous tax consequences during an equitable division of assets, absent a specific request by a party to do so and the introduction of evidence showing such tax consequences. Family law attorneys are expected to provide the court with guidance on the tax ramifications of asset and liability division.