If you are disputing over division of assets and liabilities in a divorce in Melrose MA, the courts may end up making the decisions. There is really no specific formula applied. Many factors will influence the outcome when it comes to both assets and liabilities.
Division of Assets
Courts will analyze a wide range of things when dividing assets. They can be assigned entirely to one person or shared between the two (and not necessarily equally). The following are some common factors.
- Duration of the marriage.
- Conduct of each party during the marriage.
- Age and health.
- Employment situation and their earning potential.
- Debts and needs of each person.
- Present and future support of any children.
- Contribution of each to the acquisition, maintenance or increase of any assets before and during the marriage.
- Performance of each as a homemaker.
Division of Liabilities
Liabilities are normal in divorces and can often contribute to the reason for divorce. They are just as important as assets because they determine the net worth of each spouse. During the process of divorce, each party commonly closes joint accounts if possible. Attorneys will attempt to settle some disagreements early on in order to facilitate this separation.
If not settled in advance, the courts will analyze each liability and make decisions as part of the divorce decree. They may assign certain debts to one party or the other. There is usually a balance among the assets and debts assigned to each spouse. The type of debt, when they were created, and other facts can influence the decision as well. It is important to remember that this assignment does not alter the contract with the creditors. Therefore, the negligence of a spouse to pay a debt can downgrade the credit score of the other spouse. The only way to officially remove names from debts and stop this from occurring is to refinance them.
Division Of Assets And Liabilities In A Divorce In Melrose MA
The above information on division of assets and liabilities in a divorce in Melrose MA is merely a general overview. This information should not be interpreted as legal advice. Every relationship is unique and is filled with scenarios that alter how things may be shared between the two parties. A divorce attorney can help you better understand and prepare for the financial consequences.