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Property division options after divorce

Ending a marriage can be a long and difficult process. Many families in Massachusetts struggle with property division. Deciding how to divide up large assets, like a house, can cause friction between separating couples, and it can sometimes put extra stress on any children that the couple may have. 

Many couples will choose to sell the family home and split the profits, but depending on how much the home is worth and if the family has children, this may not be the best option. There are several additional fees associated with selling a property, and if the home is sold at a loss, then the couple may not feel that selling the property is worth it. Also, if the family has children, the parents may feel that is would be better, and less stressful, for the children to instead transfer the deed into a single spouse's name. This can be done via an inter-spousal transfer deed or a quitclaim deed. 

If former spouses choose this option, then there are some details that they might not be aware of. While the former couple may have agreed that a single person is now responsible for the mortgage payments, if he or she defaults on those payments, it could potentially affect that person's former spouse. In a case like this, it is possible for the bank to ask the former spouse to make the default payments. 

Divorcing couples concerned with property division may have more options than they know of. Individuals living in Massachusetts who wish to begin divorce proceedings could benefit from consulting with an attorney. Attorneys can help their clients to communicate with one another, and they can help them discuss their property division options, child custody and support agreements, and any other related matters. 

Source: ukiahdailyjournal.com, "How???s the Market? Divorce and real estate", Richard Selzer, Nov. 17, 2017

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