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Massachusetts property division: divorce and the family business

Numerous couples across the country, including in Massachusetts, own businesses together. A family-owned business can be a great thing, but what happens when a couple chooses to go separate ways by seeking a divorce? How is the company treated during the property division phase of a divorce?

How property is divided can affect other aspects of divorce

When choosing to end one's marriage, it can be easy or really hard to decide what one wants to get out of divorce proceedings. You may think you know what property you would like to keep when all is said and done, but what you get can affect other areas of your settlement. For couples in Massachusetts and elsewhere, the property division phase of divorce is not one that can or should be rushed through simply to get it completed.

Dealing with the financial side of divorce property division

While there are a lot of things that need to be considered during the divorce process, the financial aspects of dissolving a marriage deserve special attention. How monetary assets are divided during property division, and how funds are used during the course of and after a divorce matters. Unfortunately, there are numerous couples, in Massachusetts and elsewhere, who make decisions that may end up hurting them down the line.

Divorce and dealing with a shared mortgage or other loans

Many couples in Massachusetts who are considering or working through divorces share quite a bit of property -- such as marital homes and cars. When getting a divorce, certain steps may need to be taken in order prevent any issues with a mortgage or other loans when all is said and done. If not handled appropriately, some may find they are still responsible for payments, even if they did not receive the property in their divorce settlements.

Massachusetts divorce property division: Retirement funds

For couples in Massachusetts or elsewhere, trying to figure out who gets to keep what during a divorce settlement can be a trying experience. It is rarely easy to decide what is worth fighting for, how much is too much or too little or what both parties consider to be a fair division of property. This is particularly true when dealing strictly with money.

Property division in a high-asset divorce may take time

In high-asset divorce cases, spouses may have numerous questions about how everything will be divided. Property division in these cases, unless there is an uncontested prenuptial agreement, can take time. This is especially true if all assets are not immediately accounted for or if values are not known. Divorcing couples in Massachusetts who find themselves in this type of situation may utilize experienced divorce attorneys and financial specialists to help ensure all parties receive fair settlements.

Property division requires clear communication and negotiation

Those in Massachusetts who have been or are working through a divorce know that it can get messy at times. This is particularly true when a couple cannot agree on a property division settlement. Clear communication with one's attorney and soon-to-be ex, along with a willingness to negotiate, will be needed to complete this process in a way that leaves both parties satisfied with the end result.

How is a mortgage treated when getting a divorce?

There are some things in divorce that can be settled quickly and without incident; other things, though, can be difficult to negotiate. It has been said before that the marital home or other co-owned properties are some of the greatest assets shared between a married couple. This is true for those living in Massachusetts or elsewhere. How, though, would this type of property be treated if a mortgage is still being paid?

Massachusetts property division: think long-term before settling

Those in Massachusetts who are working through a divorce may, at some point, reach a place where they just want to settle and move forward. While getting through this process as quickly as possible may be desirable, rushing through can have very negative effects on one's post-divorce life. This is particularly true when determining property division terms.

What are the guidelines for property division in Massachusetts?

Dissolving a marriage is rarely an easy or quick process to complete. There are a lot of things to consider -- often more than most think of right off the bat. While working through it all, it is common to have numerous questions that need answering before any final decisions can be made. This is particularly true when discussing property division.

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