Trading Assets: How to Reach a Practical Asset Division
Splitting assets in a divorce can present many problems. Your division should be fair, but how do you decide who gets what? One way to work toward a fair division is to divide your assets on paper, roughly equal between you two. Then, you can fine-tune your division by trading assets with each other until you both end up with your fair share of what you want.
For example, let’s say an equal division leaves you both with $20,000 in assets and $5,000 in debt. If you preferred to start your new life debt free, you could trade some of your assets in exchange for your spouse taking on more debt.
Starting with an arbitrary equal division can help you identify what you really care about taking and what you can go without. Massachusetts is an equitable distribution state, so when the property is divided in a divorce, it must be done fairly.
This differs from the equal division that is required in community property states.
A fair division is the goal in Massachusetts, but fairness is difficult to assess. So, when property divisions are taken to court both spouses may be left feeling like the division isn’t favorable to them, even if it is fair in the eyes of the court. This is one of the reasons why divorce mediation is particularly well suited for couples who want to stay in control of their asset division. Who is to say what is fair to both of you? Ideally, you are! Trading assets you can go without, negotiating divisions of debts along with assets, and paying off debt with sold assets can help you achieve an asset division is that truly fair to you both.
Consider divorce mediation if you and your spouse want to achieve a truly fair asset division on your own. An experienced Massachusetts divorce mediator can assist you and your spouse with dividing your assets and debts using practical methods like trading assets. If you and your spouse find it difficult to work out a fair asset division, a mediator can provide you with the information, guidance, and support needed to find practical solutions to your problems and include them in your separation agreement.
If you have questions about dividing your assets, contact Mediation Advantage Services for expert family law help. Experienced in complex divorce mediation, Polly A. Tatum can guide you and your spouse through the process of mediation, helping you dividing your assets fairly and amicably. 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 Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.