A divorce could be painful to deal with. In many divorce cases, asset distribution could be crucial. Seeking legal help from a Boston divorce attorney would be ideal if you want to ensure equal asset distribution. The legal process of dividing assets between the two spouses could be complex. Hence, it would be in your best interest to know the basics of asset distribution.
There are several factors considered before the execution of asset distribution. These factors could range from the financial condition of each spouse. However, it would be advisable for you to maintain every document related to the divorce and asset distribution. These documents could be used in the future if you get denied spousal support.
The process of asset distribution:
The first step towards asset distribution would be associated with the spouse’s income. The court would consider each spouse’s income before dividing their assets jointly or solely. Each spouse must consult a divorce attorney to indicate their income. Otherwise, it could lead them to unjustified asset distribution.
Another factor the court would examine before finalizing asset distribution would be property or estate held by both spouses. The court would determine all the assets the spouse owned during marriage. Some people might have held property jointly. It would be necessary to consider the property and divide it into amicable terms in such cases.
Duration of the marriage
How long a marriage lasts would also be determined when asset distribution occurs. The length of the wedding plays a crucial role in distribution. The longer the duration of the marriage, the more complex the procedure of asset distribution.
Health and age
Each spouse’s health and age will be considered when distributing assets. Some spouses in a divorce case faced severe health conditions that affected the decision of asset distribution. If a spouse has been experiencing medical conditions due to their old age, it would be best to convey the same to the court. It could be done quickly with the help of an attorney.
When asset distribution needs to be done, the most critical factor considered is children. Child custody involves determining the custodial parent and the home where the child would stay. The marital property would be distributed based on the spouses’ decision on child custody.
Inheritance and pension
It is likely for a person to inherit the estate and different assets. These assets would be divided into the asset distribution process. Apart from the inherited property, the court would also consider the pension before generalizing all assets for distribution.