Property Division
Property and Asset Division
Family and Locally Owned | Since 2013 | Confidential Consultations
Family and Locally Owned
Since 2013
Confidential Consultations
Equitable Property and Asset Division in Your Divorce
The assets which you and your spouse own, either individually or jointly are all divided in your divorce. This includes real estate, bank accounts, retirement plans, automobiles, and the like.
The first step in dividing your property is identifying all of the assets of the marriage. Once a list has been created of the assets, the next step involves valuing the assets. This can be accomplished by appraisal or by agreement.
It is not uncommon that experts need to be consulted with in order to obtain valuations. Heather-Jill Williams Family Law PC has the knowledge, experience, and history of working with various experts throughout Western Massachusetts and can assist you in obtaining the fair market value of your assets. This includes the valuation of any businesses which are owned by you or your spouse. Call today for a confidential consultation!
Accurate Asset Identification and Valuation
After your assets have been identified and valued, Attorney Heather-Jill Williams will work with you to achieve your desired equitable property division. Often the value of items is more than just the dollar amount, sentimental value or the needs of the children may be factors that influence your desired property division.
A common misconception is that in Massachusetts property is divided “50/50”. In Massachusetts, property is divided fairly and equitably. Equitably does not always mean equally. This is governed by statute and there are various factors which the Court will look to in determining the fair and equitable division of the marital estate.
Attorney Williams will advise you regarding how each factor combined with your personal and unique family circumstances affects the property division in your case.
Dividing Your Debts During Divorce
During a divorce proceeding, all of the assets and liabilities are divided and or apportioned between the parties.
As with the assets of your marriage, all debts, be them in your name or your spouse's name alone or jointly with each other or another, are all considered by the court.
Attorney Heather-Jill Williams is knowledgeable of all of the ways in which the court may divide your debt and will assist you through the negotiation process to make certain the debts of the marriage are divided equitably. If settlement on debts is not reached, Attorney Williams has the experience gathering and presenting the evidence needed during a trial where the Court will determine the division of your debts.
When looking at the debts, there are many factors the court will consider. Some of these factors are:
- Was the debt incurred for marital purposes?
- If the debt is in one spouse’s name did the other know about it or enjoy the benefits of what products or services are related to the debt?
- Who will retain the assets charged on credit cards?
Attorney Heather-Jill Williams addresses each of the concerns of the Court and her clients when looking at debts, the goal being that once the divorce is final there can be a clean break between the parties with no outstanding joint debts remaining. An additional goal being resolving debts such that there are no outstanding liabilities in the name of one spouse that the other is responsible for paying.
That being said, in some cases, this is simply not possible. There are many factors that could prevent such a resolution.
One such instance is a joint mortgage on a marital home where it is in the best interest of the children that they remain in the home. Real estate conditions or a person’s financial position may prevent refinancing a mortgage in one person’s name.
Attorney Williams will review all of your options with you and proceed with a plan of action to achieve the most satisfactory division of your debts during your divorce case.
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