How is a divorce settlement divided?

In Massachusetts, the law states that an equitable division of property must be made when a couple divorces. This means that the marital property and assets must be divided fairly, not necessarily equally. A fair division is determined based on a variety of factors, including each spouse’s income, current salary, contributions to the marriage, lifestyle, and any changes to either spouse’s financial situation as a result of the divorce. When determining a fair division of marital property, the court must consider each spouse’s contributions to the marriage, including donations to the other spouse or family, gifts, and any financial support. The court will also consider any prenuptial or postnuptial agreements that have been signed. The court may also order a financial accounting to be done to determine the value of the couple’s assets and debts. This will include items such as bank accounts, retirement accounts, real estate, vehicles, and other investments. Once the court has determined the value of the couple’s total assets and debts, they can decide how the couple should divide the marital property. The court will take into consideration both spouses’ current and future financial needs before making a decision. The court will also consider any child custody arrangements and any child support orders in place. The court will typically order an equitable division of property, meaning that the couple will divide their assets and debts in a way that they believe is fair. If an agreement cannot be reached, the court may order a trial and a judge will decide how the property should be divided.

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