Property division during divorce is never fun but it does not have to be a difficult or painful as some divorcing spouses may envision or anticipate it being. The family law process provides ample legal resources to help with the property division process but also to help divorcing couples negotiate their property division settlement agreement and resolve any disputes that many come up during the process.
During the divorce process, financial issues, including property division, alimony and child support, all must be resolved. In Massachusetts, marital property is divided during divorce according to equitable property division rules. Equitable property division seeks an outcome that is fair and strives to divide marital property as equitably as possible. It is important to keep in mind that only marital property is divided, as opposed to separate property, so it is helpful to be familiar with the different types of property and how they are handled during divorce.
Specific types of property that may be addressed during the property division process include a marital home and other real estate; personal property; bank accounts; pension funds; retirement funds; IRA and 401 (k) plans; and family business assets. The family law process will help guide divorcing couples through the process of dividing their property which can be a personal process. Alimony is another concern that can also impact property division based on if there is an alimony award, how much it is for and how long.
Property division concerns, including sometimes contentious concerns related to alimony, can be challenging during the divorce process but knowing the rules surrounding property division, and the resources available to help couples with the process, is useful. Resolving divorce-related concerns, including property division, allows the divorcing couple to resolve their divorce and move positively forward with their futures.
