Thursday, January 18, 2018

Separating Assets After Divorce

Allen Fitzsimmons is the head of Talon Furniture Gallery as well as Transitioning Forward, a company in Belchertown, MA, that helps its clients move through life transitions like downsizing, moving, or divorce. In this role, Allen Fitzsimmons helps his clients sell their homes or items they no longer need in order to facilitate a life transition in a positive way.

Divorce is a common life transition that often comes with a high emotional toll. Moving to a smaller apartment and dividing personal belongings can be a very stressful and expensive process. Separate property, or property acquired by either individual before the marriage, can generally be easily redistributed. Anything the couple acquired during the marriage, however, is considered marital property, which can make things more complicated.

In some cases, separate property may lose its status if it was combined with marital property, such as adding a spouse’s name to a land deed during the marriage. Many couples don’t realize that when separate property (including real estate) increases in value, that monetary gain is considered marital property. Many divorcing couples can benefit from professional help during this process as it can include legal, financial, and real estate concerns.