Few topics can strike fear into the hearts of divorcing couples’ like the phrase “property division.” However, property division is nothing to be afraid of. It’s merely a splitting of the assets and liabilities in a fair and equitable manner. Even with that being said, there are some common questions that come up in terms of property division for many divorcing couples.
As Massachusetts is an equitable division property state, it can be up to a judge to determine what is fair and equitable. However, it’s possible that a divorcing couple may decide to negotiate with each other outside of a court room. This approach doesn’t work for everyone, especially if communication has completely broken down between the divorcing couple. A negotiation could require that a divorcing party give up something (an asset) in order to receive an asset that they deem more important.
However, property division is just a part of the entire divorce process. For example, there could be child custody or child support to determine. In addition, alimony could be awarded to one spouse, to be paid by the other. There could be other issues between the couple, like a business, in which details of that business need to be sorted.
The truth is that divorces are like snowflakes in that no two are exactly alike. This is why it’s important to assess your personal situation in search of a divorce settlement that works best for you. Finding the tough spots and easy decisions are a great way to determine strategy. Having a clear snapshot of your financial situation and that of your spouse can help greatly too.