Marital Asset Division Lawyers in Danvers, MA

Expertise in Asset Division Across Essex County & Greater Boston

Asset division, often called property division, is the legal process of dividing a couple’s assets and debts during a divorce. In Massachusetts, the division is governed by the principle of equitable distribution, which means that marital assets are divided fairly, though not necessarily equally, based on many factors. Understanding the implications of asset division is vital as it can significantly affect your post-divorce financial situation.

At Broderick & Mastrapasqua, LLC, we have represented clients in marital asset and debt division for years. Our team is highly competent in resolving even the most complex cases, such as those involving high net worth, business interests, and retirement accounts. 

We understand your challenges in this often divisive and complicated issue and are ready to apply our extensive knowledge and courtroom skills to your case. We aim to protect your rights, pursue your best interests, and help you reach a fair result that enables you to transition to a single life with optimum financial security. 

Schedule a complimentary consultation about your case with a Danvers asset division attorney at Broderick & Mastrapasqua, LLC. Call (978) 721-8861 or contact us online.

Understanding Types of Assets in a Massachusetts Divorce

In Massachusetts, the classification of marital versus non-marital assets determines the division of assets during a divorce. Marital assets are those that spouses acquire during the marriage. 

Common marital assets include: 

• Real estate: This includes any property acquired during the marriage, such as the family home, vacation property, or rental property. Both spouses typically have a claim to the equity accrued during the marriage, and the property may be sold, or one spouse may buy out the other’s interest.
• Bank accounts: All accounts opened or contributed to during the marriage are considered marital assets. This includes checking accounts, savings accounts, and certificates of deposit (CDs). 
• Retirement accounts: Assets in retirement accounts, such as 401(k)s, IRAs, and pensions, earned during the marriage are deemed marital property. The division may involve a Qualified Domestic Relations Order (QDRO) to facilitate funds transfer without penalties.
• Personal property: This encompasses all tangible items owned by either spouse during the marriage, such as furniture, vehicles, electronics, and artwork. Valuation may be necessary to determine an item’s worth for equitable distribution.
• Investments: Marital investments include stocks, bonds, mutual funds, and any investment accounts established during the marriage. The appreciation and dividends earned from these assets during the marriage may also be regarded as marital property.
• Business ownership/interests or professional practices: Any business ownership or professional practice acquired or established during the marriage is considered a marital asset. This includes sole proprietorships, partnerships, and shares in corporations. 

Understanding the different types of marital assets can significantly affect how you approach the negotiation and division of property in a divorce.

Identifying Non-Marital Assets in Divorce Proceedings

Non-marital assets are separate from marital assets and are not generally subject to division.

They can include: 

• Assets acquired before marriage: Any property or financial assets owned before the marriage are considered non-marital, meaning they are unlikely to be divided during the divorce process.
• Inheritances: Inheritances received by one spouse during the marriage are typically classified as non-marital, provided they have not been commingled with marital property.
• Gifts: Assets received as gifts by one spouse from a third party are considered non-marital, assuming they maintain their separate nature and are not used for joint purposes.