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Property Division Archives

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.

Dividing property in divorce is not always the easiest of tasks

There are various aspects of divorce that will be more difficult for some couples to settle than for others. For numerous couples in Massachusetts, tackling the division of property may prove to be the hardest part of the divorce process. At the end of the day, splitting up assets can take a lot of negotiation. With the assistance of an experienced divorce attorney, one can accomplish this in a manner that allows both parties to walk away with the best settlement possible.

Dealing with a mortgage deficiency judgment after divorce

It is not uncommon for one spouse to keep the marital home after divorce. Unfortunately, the individuals who are not granted their homes in divorce may not be taking the appropriate precautions to protect themselves against creditor claims in the future. The simple truth is, whether in Massachusetts or elsewhere, if both spouses are listed on the mortgage -- even after divorce -- both individuals can still be held responsible for paying back the loan.

Massachusetts property division: Dealing with credit card debt

When discussing how to divide property in a divorce, most people talk about the house, sentimental items and bank accounts. The property division phase of the divorce process does not just deal with these assets, though. For divorcing couples in Massachusetts and elsewhere, what to do with credit card and any other debts must also be addressed.

Dealing with an underwater mortgage in divorce?

Getting a divorce is a pretty stressful thing. There are a lot of decisions that need to be made, and some will affect one's financial standing when the divorce is all said and done. Dealing with an underwater mortgage is a very real concern for many divorcing couples in Massachusetts. Luckily, there are options available in such situations.

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