When a couple decides to divorce, it seems like the overall process should be pretty simple and straightforward. Really, how hard can it be to decide who gets what and how much time the kids will spend with each parent — right? Unfortunately, working through a divorce is rarely that easy. There are multiple complications that can prolong finalizing a divorce. In this week’s post, we are going to cover the problems many Massachusetts couples may have with one specific area — property division.
Property division deals with more than divvying up real estate and splitting bank accounts. If it all stopped there, one spouse, or the other, would end up walking away from the marriage with far less than he or she could have or with more than is or her fair share of marital debts. When it comes to financial assets, it is important to remember that pension plans, retirement accounts and shared debts can also be split between each spouse.
Real estate is often considered a big ticket item in divorce. Some couples choose to sell and split any proceeds or accept losses, or one spouse may wish to keep the property — typically the marital home. While selling seems to provide a quick solution, sometimes, especially if kids are involved, keeping the home offers a sense of security. Keeping the property can affect other aspects of a divorce settlement, including debt allocation, and spousal and child support payments, all of which are things to consider when deciding what to do with real estate.
Property division is not as straightforward as one would think. Most issues in divorce, including property division, can affect other aspects of a final agreement. An experienced divorce attorney can help couples in Massachusetts walk though the ins and outs of property division, including how each possible scenario for dividing assets will affect other areas of the divorce. Taking the time to do this will only help both parties walk away from the marriage with a settlement with which each can be satisfied.