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Property And Debt Division In Massachusetts

When a marriage ends, splitting up what you own and what you owe is one of the most important steps. Massachusetts is an equitable distribution state, which means the court divides assets based on what is fair, rather than making a perfect 50/50 split. Attorney Erica M. Foster uses her 30 years of experience to help clients in Danvers and throughout Essex County reach a fair outcome. She knows how the local family courts work and uses an effective, intelligent approach to protect your financial future.

Understanding The Marital Estate And Property Division

In a divorce, the court looks at the entire marital estate. This includes almost everything owned by either spouse, regardless of whose name is on the title. A property division attorney helps you distinguish between marital property and separate property, though in Massachusetts, a judge has discretion to include many types of assets in the final division. To decide what is fair, the court considers several factors:

  • The length of the marriage and the conduct of the parties.
  • Each person’s age, health and current station or lifestyle.
  • The amount and sources of income for both spouses.
  • Each person’s vocational skills and their chance for future acquisition of capital.
  • The contribution of each person as a homemaker to the family unit.
  • The role each spouse played in preserving or growing the value of their assets.

These factors help the judge determine how to move property from one spouse to the other. Erica reviews these details carefully to ensure the court sees the full picture of your contributions.

Handling Debts And Liabilities

Many people wonder if debt built up by one spouse is shared. In Massachusetts, marital liabilities are divided just like assets. Usually, if a debt is tied to a specific item, the person who keeps that item takes the debt. For example, the person who stays in the house typically takes over the mortgage liability. Joint credit card debt and student loans in divorce are often part of the general division, meaning both parties might share the burden of paying them off.

How A Property Division Attorney Protects You

Erica acts as a careful planner to ensure nothing is missed during the divorce process. As an experienced property division attorney, she provides essential help through:

  • Asset discovery: She investigates complex financial structures to establish the true value of all assets and debts.
  • Business valuations: She looks for every detail in a closely held business or investment portfolio to ensure a correct asset valuation.
  • Strategic negotiation: She works to draft a separation agreement that focuses on a smooth transition and avoids a messy court battle.
  • Retirement planning: She manages the division of retirement accounts, including 401(k) and IRA division through a QDRO.

Erica tracks down every detail, from stock options to future inheritance possibilities, to build a strong case. Her goal is to reach a settlement that accounts for all aspects of asset division, including potential tax consequences.

Frequently Asked Questions About Property And Debt

Property and debt division tends to raise a lot of questions during a divorce. Here are answers to some of the most common ones we hear from clients in Massachusetts.

Is Massachusetts a community property state?

No, it is an equitable distribution state, meaning property is divided fairly but not always equally.

How does a judge decide what is fair?

The judge looks at your lifestyle, your ability to work in the future and how much you contributed to the home.

Can I be responsible for debt I didn’t know about?

Yes, if the debt was created during the marriage for family purposes, a judge may order both spouses to help pay it back.

Call The Law Office of Erica M. Foster For A Free Consultation

If you are facing a divorce, you need a property division attorney who understands the law. Call at 978-605-4105 or send an email to the Law Office of Erica M. Foster today to schedule your free consultation.