In property division, you trade assets back and forth until the couple agrees on the division. In an equitable property division state, like Massachusetts, you split the property equitably. It does not mean equally – it means fairly.
On the other hand, the word equality suggests fairness and equity for all parties involved. Unfortunately, the required equal division of property has forced more sales of family assets, especially the family home, so that proceeds can be divided between both spouses. The net result is increased dislocation and disruption, especially in the lives of children. It is unfortunate that the needs and best interests of the children take a back seat in many cases.
A second problem of equality is that a 50-50 division of property may not produce equal results – or equal standards of living after the divorce – if the two spouses are unequally situated at the time of divorce. This is most evident in the situation of the older homemaker. After a marital life devoted to her husband and children, she is typically without substantial skills and experience in the workplace. Most likely, she will require a greater share of the property to cushion the income loss she suffers at divorce. Rarely is she in an equal economic position at divorce.
Generally, courts take into account how much separate property each party has. Let’s say your spouse has $2 million in separate property. Your marital estate totals $200,000. A judge who knows your spouse has $2 million worth of separate property may not give your spouse 50 percent of the marital property.
In Massachusetts, there are more than 20 factors that govern how the judge will divide a marital estate. Those factors are found in Massachusetts General Laws Chapter 208, Section 34. The biggest factors are length of the marriage, conduct of the parties, contribution to the marital estate, health of the parties, vocational skills and employability of each party, likelihood of each party to acquire assets in the future, and others.
When it comes to figuring out the division of your estate, consider using our Income & Asset Analysis worksheet and talk to an attorney who can explain the concept of equitable division of the marital estate in the Commonwealth of Massachusetts.
The Massachusetts Family Law Group is a statewide network of divorce law offices and family law attorneys dedicated to defending the legal rights of men and women relating to their domestic relations matter.
Each of our six offices across Massachusetts offers no-obligation consultations starting at 5am during the week and all weekend long.
Call (800) 910-DIVORCE or contact us for an appointment in Springfield, Worcester, Norwood, Andover, Plymouth or on Cape Cod.< STRONG>
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