The family home is often considered an important piece of property as it can hold many memories. Unfortunately, when a couple decides to divorce, the home can become a difficult asset to lay claim to. Luckily, there are options that Massachusetts state laws dealing with property division that can help parties determine who may be entitled to keeping the home and what steps to take if there is a disagreement about whether the situation is being handled fairly.
If one party wishes to be in possession of the house after divorce, the value of the home is important to know in order for both spouses to get their fair share of the assets. Determining a value of the house can be done by an assessment. If both parties agree on the value, then an important step has been taken in moving forward with the division.
Other factors do play a role, and if there are not enough separate assets to result in a fair distribution to each party based on the home value, the home may have to be sold and the proceeds divided among each party. It is possible that there could be ways to avoid having to sell the home in order to reach an equitable division. Being knowledgeable of division strategies and financial aspects of each party's situation could make a difference.
As Massachusetts property division laws fall under equitable distribution, court systems will typically attempt to divide the property as fairly as possible, though that does not necessarily mean equally. Information on equitable division laws could help a party better understand their situation and possibly determine how their circumstances could be affected. Having the right information and how to use those laws to their advantage could help individuals face a better division process.
Source: Huffington Post, What to Do With Your House in a Divorce Case [Infographic], Christian Denmon, Denmon & Denmon Trial Attorneys, Dec. 9, 2013