The division of property in a divorce matter can have life-long implications for the parties involved. At Goldman & Sidgwick, we conduct sophisticated analysis and develop strategies to protect your property, including ensuring that all assets are properly accounted for and valued. Our diligence and attention-to-detail brings peace of mind to our clients that we have achieved the most beneficial outcome in dividing their assets in their divorce. We have experience handling cases involving all types of marital property, including:
- Primary Residences
- Other Real Estate
- Professional practices of lawyers, doctors, dentists, accountants, and others
- Closely held businesses
- Executive compensation
- Retirement benefits
- Trusts
- Automobiles
- Art, jewelry, and other valuables
How is Property Divided During a Massachusetts Divorce?
Property acquired and debt incurred before and during the marriage, whether held individually by a party or jointly by the parties, is subject to an equitable division in a divorce. This means that assets (such as bank, investment and retirement accounts, real estate, and businesses), and liabilities (such as credit card debt or student loans), are not necessarily equally divided; rather, these assets will be divided in a manner that has a fair and equitable result for each spouse, based on factors set out in Massachusetts General Laws, Chapter 208, Section 34 (also known as the “Section 34 Factors”).
Chapter 208, Section 34, specifies that “the court may assign to either husband or wife all or any part of the estate of the other…” The statute also sets forth that the Court must take into consideration a variety of factors when determining how to equitably divide assets and debts in a divorce including, but not limited to: the length of the marriage; the conduct of the parties during the marriage; the age, health, station, occupation, employability, and amount and sources of income of the parties; any vocational skills; their estate; any liabilities; the needs of each of the parties; the opportunity of each for future acquisition of capital assets and income; and the amount and duration of alimony, if any, awarded under Massachusetts General Laws, Chapter 208, Sections 48 to 55, inclusive.
The Court does not give more weight to one statutory factor over any other. Rather, the Court considers the facts of each case individually and determines which of the factors may be weighted more heavily than others in deciding how to equitably divide property.
The review of the factors set out in Chapter 208, Section 34 is not the end of the analysis in determining how the marital estate is to be equitably divided. If the parties have minor or unemancipated dependent children, their needs may also be considered in determining an equitable division of the parties’ assets.
The Length of a Marriage is an Important Consideration
As a starting point in the analysis of how to equitably divide the marital estate, often the court looks to the length of the marriage. In short-term marriages (marriages that are less than five years) the court often, but not always, places the parties back in the positions they were in before the marriage. In medium-term marriages (marriages of more than five years but less than fifteen-to-twenty years), the contributions of the parties to the acquisition, maintenance, and preservation of assets may often be the determining factor of how the marital estate is divided. In long-term marriages (marriages in excess of twenty years), the courts’ initial consideration will be to divide assets equally.
It is important to keep in mind that there are no bright-line rules regarding how assets are divided pursuant to the length of the marriage. For example, just because parties have a short-term marriage does not mean that the court will always put the parties back in the position they were in before the marriage. Similarly, the court will not necessarily equally divide the marital assets in a long-term marriage. The court will take into account all Section 34 Factors when dividing the parties’ marital estate in a divorce.
Each divorce in Massachusetts is unique. As such, each case is reviewed based on the specific facts presented and the courts have considerable discretion in how the marital estate is divided.