If you are facing a high-asset divorce in Norfolk or Middlesex counties in Massachusetts, you probably have questions about which of your belongings will be subject to division with your spouse.
Massachusetts is an equitable distribution state, which means that any property you owned before marriage is still yours and anything acquired while married you must divide with your spouse. Here are four unique assets that you should include in your property division.
If you or your spouse (or both) own a business at the time of your divorce, you should include it when it comes time to divide assets. A business valuation will probably be necessary to account for non-monetary things like location and potential for growth.
2. Valuable collectibles
While lower-value items are not typically a big concern in asset division, high-value collectible items are. These can include things like rare antiques, heirlooms, baseball cards, coins and the like.
3. Cyber currency
A very modern asset, cyber currency collected by you or your spouse during the marriage is divisible property. However, this asset can be a tricky one to divide.
4. Vacation homes
If you or your spouse inherited a vacation home, even during marriage, it is likely considered separate property and will not be subject to division. However, if you or your spouse purchased the property while married, it is eligible for division in divorce proceedings.
5. Non-Retirement Assets
These assets include stock options and Restricted Stock Units (also known as RSU’s) used as a portion of compensation for employees.
It is helpful to know Massachusetts’ property division laws so you can better prepare for this important stage of your divorce.