Sharing Assets After Divorce

Sharing Instead of Splitting

To equitably divide your

marital property, you must divide your

assets fairly between you two. With larger assets, this sometimes means the asset

itself will need to be sold so the proceeds can be split. Sometimes this

isn’t wise. For example, real estate markets fluctuate widely, and

your equity can change significantly from year to year. If you think you

need to sell a piece of real estate in the divorce but the market isn’t

favorable, it may in both your best interests to continue to share the

asset after the divorce until a later agreed-upon date. Some couples chose

to do this so their children can remain living in the

family home. Typically, the house will be sold once the children move out. In other

cases, a couple can agree to hold on to a piece of real estate they jointly

own until the value reaches a certain point.

Sharing assets after divorce may seem like a bad idea. Indeed, it is only

wise if there is a value that could be gained from holding on to instead

of selling the asset. To avoid this conflict, you can put protective measures

in place to ensure your rights are protected.

If you are going to share an asset after the divorce, you will need to

include a detailed provision in your separate agreement. Don’t simply

agree to share the asset. Establish the terms and conditions of the arrangement

beforehand, so there are some guidelines in place. Include an agreement

on when the asset will be sold and how the proceeds will be divided. Provide

details on any responsibilities each spouse will have, such as maintenance

or rental management. Also, include an agreement on how the asset should

be handled come tax season. If you stand to receive a

tax write-off or tax credit for the asset, make sure you agree in advance on who will claim the asset

on their taxes.

These aren’t easy details to agree on, but they will ensure both

your rights are protected. Consider working with an

experienced Massachusetts divorce mediatorif you want to share an asset after divorce. An attorney can help you create

a separation agreement that includes provisions for the terms and conditions

you will both follow. This will ensure your rights are protected and provide you

peace of mind.

If you have questions about dividing assets, contact

Mediation Advantage Services for experienced family law help.

Polly A. Tatum can help you and your spouse create an agreement on property division

that works for you. Based in historic Worcester with a satellite office

in Northboro, MA, our firm serves all cities and towns throughout Massachusetts

and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton,

Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton,

Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick,

Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton,

Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton,

and Hudson. Call our office at (508) 795-1557, fill out our

online form, or email us at [email protected] today to schedule your Complimentary

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