A house is one of the largest, and perhaps most emotionally loaded, purchases a married couple will make together. At a number of points during the divorce process, the two people parting ways will need to make financial decisions, often including the division of a significant property such as the family home. Divorcing Massachusetts residents who have decided they would like to stay in the marital home are advised to work through a few steps before they decide if this choice is appropriate for them, and if it is, to properly make the transfer to sole ownership.
Couples who have decided to end their marriage may encounter many different issues that require negotiation: child support and custody, spousal support and division of assets. Many Massachusetts divorcing couples who own a family home together find a particular set of challenges in negotiating who will retain control of the property and then what options exist for that person regarding the mortgage, assuming he or she has decided to not sell the home. A mortgage expert provides valuable information for divorcing individuals in this position.
Home ownership could be the key to a more secure retirement, studies say. Does this mean that Massachusetts women should retain the marital home regardless of their personal situations? Experts caution that this is not the case, and that each person should carefully consider what assets to keep during property division.
Regardless of how long a couple was married before filing for divorce, there is one thing they will all have to deal with -- dividing up the marital property. This is true whether a Massachusetts couple said "I do" two years ago or 20. Although property division might seem straightforward, many people soon realize just how complicated the matter can be.
Splitting up property during a divorce can be an emotionally charged ordeal. Many physical items hold significance for their owners, and letting go of a treasured possession may make an already difficult process more cumbersome. Addressing property division in a prenuptial agreement is a smart choice for most Massachusetts couples. Otherwise, they might find themselves in a difficult position, like the one that Frances Bean Cobain recently handled.
Divorce is a complex undertaking, and many couples find they are not prepared for the challenges involved in obtaining a fair settlement. When it comes to property division, Massachusetts law is based on an equitable division of property. Reaching an equitable division is not always easy, but experts offer some advice on how to go through the process with grace and dignity.
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.
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.
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.
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.