A divorce is often one of the most stressful and emotional things experienced by Massachusetts residents. Although the dissolution process can be difficult, most people are able to look back years later and see a divorce as a turning point in their lives. However, while going through a divorce it is important to be as detailed as possible. This is especially important when it comes to finances and the division of property.
Marital property division is a requirement in all divorces. Part of property division includes the division of debts. The prospect of dividing up both assets and debts can be overwhelming, so many people chose to enlist the help of a MetroWest Boston Divorce Lawyer. This can expedite the divorce process and ensure that all aspects of property division are addressed.
Generally, all marital assets are subject to division in a divorce. This includes homes, bank accounts, cars and investment accounts. Also included are life insurance policies, retirement plans and employee compensation plans. Many couples accumulate a significant amount of assets during a marriage. Therefore, division of items such as valuable home furnishings, antiques and art must be undertaken. Asset valuation and liquidation analysis by professionals can be extremely helpful in cases where significant assets are involved. These assets can be the most difficult to divide, as strong emotions may be attached to these items.
Many other assets are subject to property division, but are often overlooked throughout the divorce process. These assets include benefits from previous employers, like stock options, retirement accounts and pension plans. Country club or golf course memberships are also subject to division, as well as intellectual property rights such as trademarks, patents and copyrights. Advice from an experienced Massachusetts divorce attorney can help the overwhelmingly complexities faced by many couples as they face division of their marital property.
Source:Â Forbes, “Divorcing Women: Don’t Forget These Marital Assets,” Jeff Landers, Oct. 16, 2013