In any divorce, there are two general types of assets or properties: marital assets and separate assets. Marital property consists of only assets that a couple gains throughout the marriage. On the other hand, separate property is assets one spouse owns prior to getting married or obtains by inheritance or gifting during the marriage.
However, marital and separate property can become comingled or intertwined with one another. For example, a home owned by one spouse, it can become marital property if the other contributes to mortgage or even bills. If one spouse has a separate bank account, when the other spouse deposits money into it, the account then becomes marital property.
So how are marital property and separate property divided in the event of a divorce?
Massachusetts is different from any other state because any type of property is subject to equitable distribution–whether it was acquired before marriage or not. It is important to understand that couples have the power to determine how their property is divided. But if they cannot agree, then the court will decide for them.
For more information, schedule a free consultation with our Framingham divorce attorney at Barach Law Group LLC today.