How are Assets Divided Equally During the Division of Assets?
There are many factors that a court may consider while determining the equitable division of assets during a divorce. These factors include the following:
Length of the marriage–Longer marriages will likely result in more commingled and marital property, making asset division more complex.
Conduct during the marriage–Spousal abuse, infidelity, and other conduct during the marriage may factor into the court’s decisions on asset division.
Each party’s age, health, and occupation–If one party makes considerably more money than the other or if one party is likely to need much more health care, those factors will come into play.
Occupational skills and employability–Courts are looking to the future potential to earn money as well as to historical financial standings for each party.
Liabilities–Courts will consider what liabilities each party has in the form of debts and contracts to uphold.
One of the most pressing questions during the property division process of divorce will likely be who gets to keep the house. There is no straightforward answer to this question, and the possession of the marital home will be determined on a case-by-case basis. Again, the court is going to look to make the division of assets “equitable,” and the house is usually the largest asset of value.
One major factor that may determine who gets to keep the house is the presence of children. If there are still children living in the home, the court will likely award possession of the house to the custodial spouse or to whoever will be with the children during the bulk of their weekday schooling. The courts tend to focus on stability and routine as benefits for children’s development.
It is also possible that no one is awarded the house. The court may rule that the house should be sold and that the resulting profit will be split between the parties—potentially unevenly to account for mortgage payments made before the marriage.
The most accurate answer to who gets to keep the house during asset division in a divorce is the person who the court deems most equitably owed possession of the house.
How Can a Lawyer Help with the Division of Assets?
As you can see, asset division during a divorce is not a simple matter. The courts are looking at many factors, and some of them are quite subjective. A qualified and experienced divorce lawyer can help provide context and present evidence to ensure that an equitable division of the assets considers the full scope of an individual’s circumstances.
Why Should I Hire an Asset Division Lawyer?
It’s important to find a lawyer who will work with you as an individual and understand your case. The asset division portion of a divorce can be complicated and challenging, but having an experienced family law lawyer on your side provides you with the assurance that you’re putting forward the best case. Whether you need help with equitable distribution or your retirement accounts, capital assets, stock options, or property, our lawyers will be there for you. They won’t favor one spouse over another and appreciate the attorney-client relationship. Give the Law Office of Polly Tatum a call at (774) 366-3688 for a free consultation.
Law Office of Polly Tatum
19 Cedar St Worcester, MA 01609
(774) 366-3688
https://www.LawOfficeOfPollyTatum.com
