Division of Marital Assets

If the parties are able to come to a mutual agreement, the decision of who gets what property from the marriage is up to the parties themselves (although the Court will ultimately ensure that all the terms in the Agreement are fair and reasonable).  In a contested divorce, Massachusetts Courts divide assets and property equitably – which means fairly but not necessarily equally.  Specific factors used to determine what is equitable are:

• The length of the marriage
• The conduct of the parties during the marriage
• The age, health, station, and occupation of each party
• The amount and sources of income of each party
• The vocational skills, and employability of each party
• The estate of each party
• The liabilities and needs of each of the parties
• The opportunity of each for future acquisition of capital assets and income
• The present and future needs of the dependant children.

The court may also consider:

• The contribution of each of the parties in the acquisition, preservation, or appreciation in value of their respective estates
• The contribution of each of the parties as a homemaker to the family unit.

The lawyers will also be expected to consider these factors when attempting to negotiate a settlement on behalf of the parties.

Division of Marital  Debt

Debt accrued during the marriage, like marital property, will be divided equitably between the parties.  The same factors the court uses in dividing the marital assets will be used to determine how best to equitably divide the marital debt. 

It is imperative that both parties know what all the marital assets are so that a fair agreement can be reached.  If you suspect your spouse may have assets you do not know about, call the offices of Magaletta & McCarthy.  We have had great success in digging deep and discovering hidden assets