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Property Division Archives

Inaccuracies during property division can affect one's divorce

When sharing life with another for several decades, memories, possessions and property are collected with time. However, if a marriage comes to an early end, a majority of Massachusetts couples will need to consider property division in their divorce agreement. For Burt and Lucille Handelsman, their split came with a hefty price as their $550 million real estate business has gone under the knife in an attempt to divide it evenly and fairly.

The basics of mortgage management in Massachuetts divorces

For divorcing Massachusetts homeowners, the number one financial issue they often face is property division for the family home. On the surface, there are three basic options from which to choose. The first is that of selling the house and dividing the proceeds. Another is for both exes to continue their joint ownership, at least temporarily. The third is refinancing to allow one ex to keep the home while removing the other from the mortgage.

Divorcing couples' options for Massachusetts property division

Once a Massachusetts couple begins to work through the emotional aspects of divorce, the major remaining issues are typically financial in nature. While it is sometimes difficult to calmly make logical decisions regarding things like asset and property division during such a stressful time, failure to do so can prove costly to all parties involved. Usually, one of the most difficult but most important and valuable assets to divide is the family home.

Equal vs fair: Massachusetts property division can be complicated

No matter how long a couple has been married -- be it a few months or many decades -- one aspect of a divorce that is always sure to present some confusion and stress is asset division. Massachusetts is an equitable property division state, meaning that marital property is divided fairly, though not necessarily equally. Before deciding how property and assets will be divided comes the process of determining what qualifies as marital property and which assets are separate.

Asset and property division: Closing joint bank accounts

While often the first step toward a brighter future, the actual divorce process can be quite stressful to get through. Not only is there the emotional side to deal with, but there are also practical aspects that need addressed, such as asset and property division. One of the first and most basic of these tasks is closing a joint bank account.

Massachusetts divorces: How property division affects retirement

Many older adults have spent their lives working and saving toward retirement, looking forward to the day they can quit their jobs and relax. Then, sometimes out of nowhere, they are blinded by a request from their spouse for a divorce, and all those retirement plans feel like they're about to fly out the window. Suddenly, individuals may find themselves wondering how asset and property division will affect their retirement.

Could short sale create a property division issue post-divorce?

For most Massachusetts couples who do not share children, the end of their marriage marks the end of the need to maintain ongoing communications. In some cases, however, there are property division  issues that arise long after an agreement has been reached and signed off on. An example is found in a couple who were unable to agree on how to handle an incentive payment brought about by the short sale of their family home.

Property division and divorce: Marital vs. non-marital assets

Massachusetts, a no-fault divorce state, is also an equitable distribution state. This means that, barring a prenup, property division during divorce is determined by a judge, who attempts to decide on a fair division of assets. Generally, this means a 50/50 split of both debt and marital assets, but each case is taken on an individual basis, and few situations are without exceptions.

Divorce considerations include savings, property division

Residents of Massachusetts whose marriages are ending this month are not alone. Statistically, March is one of the peak times of year for formal divorce proceedings. Experts theorize this could have something to do with the stresses of the preceding holiday season, but regardless of the reason, the bottom line is that a significant number of individuals are currently facing all of the financial issues that accompany divorce, from determining how shared debts will affect their credit scores to figuring out property division.

Financial, property division benefits of divorcing early in year

In the legal world, January and February are sometimes informally referred to as the "divorce months." The beginning of the year has statistically proven to be the most popular time for people to seek legal advice about divorce. While the commonly held beliefs are that many couples wait until after the holidays or want to start the new year fresh, there may be other financially sensible reasons behind the increase in divorce filings -- from property division to considering a move out of Massachusetts to a new state.

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