Massachusetts Divorce Lawyer
Division of Marital Property and Assets
At the law office of Diane W. Spears in Boston, Massachusetts, I assist my clients with the sometimes complicated and always challenging process of asset division. My experience and dedication to a collaborative process enables me to help clients find an amicable resolution to contentious divorce issues, such as distribution of marital property.
Equitable Division by Law
In Massachusetts, marital assets are broadly defined and include pensions, 401ks, bank accounts, stock, trusts, homes, motor vehicles, household goods and other property. The law requires that marital property be distributed equitably, which does not always mean equally. Chapter 208 section 34 sets out a variety of factors used to determine the division of assets.
Identifying and Valuing All Assets
At the law office of Diane W. Spears, I will work to identify all of the assets accrued during the marriage regardless of the source. If you feel an asset is being hidden by your spouse, my job will be to find and value it. It is a challenging aspect to asset division, but I have the experience to face that challenge.
Inherited, gifted and pre-owned assets
In most cases, the assets accrued during the marriage are divided equally. However, there are situations in which all the assets are not divided equally. Inherited, gifted and pre-owned assets receive special consideration at the time of divorce and are not usually divided equally.
Retirement Assets
Retirement assets are generally treated differently from other assets. 401K Accounts, IRAs, SEPs and 403B accounts are subject to penalties and taxes unless special precautions are taken at the time of divorce. Pensions also require special treatment. A special court order, called a QDRO, is generally utilized to avoid taxes and penalties and to protect the rights of all parties.
401k accounts cannot be immediately divided due to the penalties and interests if one tries to withdraw the money. A Qualified Domestic Relations Order (QDRO) is often used to divide a 401k account or other retirement benefits between the two spouses.
As your attorney, I will work diligently to ensure that you receive the assets you are entitled to under the law. My goal is always to first try a collaborative process to come to an agreement about division of marital assets. However, I will pursue litigation if the other party is not willing to cooperate or may be hiding assets. For more information on asset division or to schedule an appointment, please contact me.
