Framingham Family Law Attorney
What Are the Laws of Equitable Distribution?
In Massachusetts, are the laws keen on dividing assets 50/50 down the middle? The laws of equitable distribution require that all properties must be distributed fairly, based on each spouse’s contribution and earning power.
Couples must take into consideration the difference between marital property and what is separate property. Marital property will encompass every asset in the financial sense, including any debts incurred while they were married. Our Framingham family law attorney can help you with the process and make it easier to manage.
Marital Property vs. Separate Property
Equitable distribution requires each spouse to compromise over what is considered marital property and how they wish to divide it. Depending on the situation, this can be a relatively straightforward process, especially if the couple shared few properties. However, there are times when couples cannot form an agreement, which can often lead to a contentious divorce.
Marital property may encompass the following:
- Real estate
- Bank accounts
Some couples may wish to seek the advice of a professional appraiser to assess the value of each item. An appraiser tries to calculate the actual monetary value of an item, for example, an heirloom, sculpture or painting, or an antique. Appraisers may also evaluate assets such as retirement funds, and gifts or inheritances that the spouse acquired before the marriage. If you have any questions about this process, feel free to ask our Framingham family lawyer about what you need.
Contact the Firm Today!
Barach Law Group LLC knows that this is one of the most challenging experiences one could ever face. Fortunately, when you have a trusted advocate on your side, there is reassurance that someone is on your side. Our Framingham family lawyers are committed to 100% client satisfaction.
If you would like assistance with your divorce or other family law matters, contact us for a consultation.