Hingham Asset & Debt Division Attorneys

What Is Considered Marital Property in Massachusetts?

In Massachusetts, the courts divide marital property equitably. But what constitutes marital property? According to Massachusetts law, “marital” property is anything acquired by either spouse during the marriage. This may include: 

• The couple’s shared residence 
• Any jointly owned real estate 
• Financial accounts 
• Debt that has been acquired

What Is Considered Separate Property in Massachusetts?

Anything gained before the marriage is considered “separate” property. This may include: 

• Property owned prior to the marriage
• Inheritances 
• Any gifts given to a spouse from a third party may also constitute as separate property

When Separate Property Becomes Marital Property

While some states only divide martial assets, Massachusetts takes a different approach. In the state, both shared marital property and separate property have the potential to be split. However, ultimately it is up to the court and separate property can be honored. 

In some cases, separate assets can also become marital property in a process known as “co-mingling”. For example, if a couple begins sharing a bank account that was previously owned by one spouse or if titles to a property are transferred, those separate assets can become community property.

Factors Influencing Equitable Division

In Massachusetts, while a 50/50 split is common, the actual division may vary depending on several factors including:

• Length of the Marriage: Longer marriages may lead to a more equitable distribution of shared assets.
• Contributions to the Marriage: Both financial and non-financial contributions are considered. This includes income earned by each spouse as well as contributions made by one spouse as a homemaker or caregiver.
• Future Financial Needs: Courts will consider each spouse’s future financial needs, including the ability to support themselves and any dependents. Factors such as age, health, and employability can influence this assessment.
• Current and Potential Income: The earning capacity of each spouse is taken into account. If one spouse has significantly higher earning potential, it may affect the division of assets to ensure a fair outcome.
• Assets Acquired Before and During the Marriage: Understanding what qualifies as marital property versus separate property is crucial. 
• Tax Consequences: The tax implications of asset division can be significant. Consideration of how asset division will impact future taxes is an important factor in achieving an equitable distribution.

Commonly Asked Questions

Can I Change a Prenuptial or Postnuptial Agreement?

Yes, both prenuptial and postnuptial agreements can be modified. However, any changes must be made in writing and signed by both parties to be enforceable. It’s advisable to consult with an attorney when considering modifications to ensure that all legal requirements are met.

What should I do if I suspect my spouse is hiding assets?

If you suspect that your spouse is hiding assets, it’s important to document your concerns and consult with an attorney. Your legal counsel can help investigate the situation and take appropriate steps to ensure that all marital assets are disclosed.

Consequences of Hiding Assets

Transparency during the divorce process is crucial. Attempting to hide assets can lead to severe consequences, both legally and financially. Courts take allegations of hidden assets seriously, and if proven, the offending party may face penalties that could include loss of property rights, additional legal fees and costs, and, depending on the case, criminal charges.

Seek Protection from an Experienced Hingham Property Division Lawyer

Whether you and your spouse are facing a contested divorce or mediation, our asset and debt division attorney in Hingham or Newton can assist you. We work with other professionals when necessary to assist with the equitable distribution process, such as accountants and other individuals who can help with valuating your property and dealing with records. If you choose to seek an out of court settlement, we can guide you through the mediation process.