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Posts tagged "marital property"

How can I be sure marital assets are valued fairly in divorce?

Massachusetts is not a community property state, which means that, during a divorce, marital property is divided equitably by the courts whenever the parties cannot reach accord on their own. However, it can be exceedingly difficult to make sure that you receive full value for your share of the marital assets if you do not know the true value of those assets in the first place. Below are some tips to help you determine value of marital assets that sometimes get overlooked.

Splitting a 401(k) during a Massachusetts divorce

In many cases when a couple files for divorce, the court will decide how the couple divides their assets. If the court decides to split one party's 401(k) plan with the other party as part of the property division order, the party whose name is on the plan should be careful to ensure that the court issues a valid qualified domestic relations order stating the details of this division.

The treatment of an inheritance during property division

Massachusetts courts follow the principle of equitable distribution when making property division determinations during a divorce. Equitable distribution does not always mean that the assets are divided equally. It means that property the couple acquired during their marriage, including debt, is divided fairly by the court between the two spouses. However, an asset such as an inheritance is not typically lumped into this.

Division of marital assets doesn't have to be equal

Since Massachusetts is not a community property state, divorcing couples may be surprised to learn that marital assets do not need to be divided equally, just equitably. Couples seeking divorces should try to work out a division of marital property first. If they cannot work out a property settlement, the courts will do it for them.

Dividing marital assets in Massachusetts divorces

Couples do not have to be of celebrity status to find themselves in the midst of a high-asset divorce. Dual-income Massachusetts families with decent retirement packages may find themselves at swords' points attempting the property division phase of their divorce. Below are some important things to know about marital property and equitable division of assets.

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