Does Income Matter When Dividing Assets?
The division of property is one of the most difficult components of divorce. Property division follows different rules from state to state. In Massachusetts, property division is governed by the legal principle of equitable distribution. Equitable distribution does not necessarily mean equal distribution; it simply means that the property is divided fairly between the two spouses.
What is fair in each particular instance will vary, and the courts consider a number of factors when determining how property should be divided. The income of each spouse, both the amount and the source, is among these considerations. Other things related to income that will be considered include the amount and duration of alimony paid or received, the employability of the spouses, and the liabilities each spouse has.
Income is an important consideration, but it isn’t the only one.
Many other things such as the length of the marriage, the conduct of the spouses in the marriage, and the age and health of both spouses are also taken into consideration. If you and your spouse are unable to agree on your property division, you may have to take the matter to court where it will be up to the judge to decide how to fairly distribute your assets.
Keep in mind; the judge will be making his or her decision based off of the consideration of several factors as set forth by law. He or she will have guidelines to follow and will not have much time to make the decision.
If this concerns you, and it should, you may wish to try mediation to work out your property division.
The division of your property can have a lasting impact on your financial future and can be resolved through divorce mediation. If you have concerns about property division in your divorce, you may wish to speak with a divorce mediator about your case. You can engage the services of a mediator to help you resolve just the financial aspects of your divorce, and can do so at any point in your case. Because property division is often the most debated components of divorce, and one that can cause the divorce to come to a standstill, mediation is a good option if you want to efficiently work out a fair division without letting a judge decide it for you.
If you are going through a divorce and have questions about dividing your marital assets, Mediation Advantage Services can help you. Polly A. Tatum is experienced in divorce mediation and can help you successfully divide your assets through guided and non-adversarial mediation. Our firm serves those across Worcester County as well as across Massachusetts.
Call our Worcester office at (508) 795-1557, fill out our online form, today to schedule your Complimentary Mediation Success Planning Session.
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