DIVISION OF MARITAL ASSETS AND LIABILITIES
Massachusetts is a marital division state, which means that divorcing couples are required to split their assets (acquired before or during marriage) or the value thereof. It may or may not be equally, although the general rule is assets acquired during the marriage are typically divided equally. BUT, it is not a hard and fast rule. It is critical as part of your case and court preparation to have full knowledge of all assets acquired during the marriage including where the asset is, what the asset is, the value of the asset and in whose name the asset exists. As to pre-marital assets, a discussion is necessary as to where those assets are, what the assets are, the values and in whose name the assets exists so that it can be determined whether those assets are part of the marital division.
Whether or not you have a pre-nuptial agreement is an important disclosure, as that too can dictate how assets will be divided. Be prepared to discuss and disclose all. Attorney Belinsky will spend time with you going over all the details so you will understand how a division will likely play out. In Massachusetts, you have only one opportunity to divide the assets; it is imperative to get all the information to make an informed decision.
Attorney Belinsky will give you comprehensive information about the division of assets and debts in a divorce. Every asset whether in your name or not is subject to being considered a marital asset, including:
- Houses, cars, boats, clothing, furniture
- Antiques, paintings, jewelry, collections
- Copyrights, patents, trademarks
- Bank accounts, stocks, life insurance that has cash value
- Retirement accounts, including IRAs, 401(k) or 403(b) plans and pensions
People have debt in addition to assets. Who is obligated to pay the family’s debt? It may be different during the pendency of the divorce and after the divorce.
Attorney Belinsky will work with you and your accountant, financial advisor and/or business managers to value assets and determine the obligation of the debt. Where necessary, she will discuss with you the need for experts in valuing or appraising assets and even to locate assets if necessary.
Call the Law Offices of Ilene B. Belinsky today at 508-436-4613 or contact us online to schedule a consultation at our Brockton or Canton offices.