Is Massachusetts a community or marital property state?
Is Massachusetts a community or marital property state?
When addressing this question when you’re about to go through a divorce in Massachusetts, it is important to understand that Massachusetts is not a community property state. Instead, family courts follow the legal theory of equitable distribution.
What assets are considered community property?
Generally, in community property states, money earned by either spouse during marriage and all property bought with those earnings are considered community property that is owned equally by husband and wife. Likewise, debts incurred during marriage are generally debts of the couple.
How do you keep separate property separately?
open a separate account, in your sole name, for the inheritance; keep proof that you deposited the inheritance into the account; If the inheritance is invested into other assets, keep proof that you purchased assets with the inheritance. Do not invest the money you inherited into any joint assets with your partner.
How do you keep property separate in a community property state?
For separate property to become community property, the property may be retitled in both spouses’ names. There may be a gift or comingling of property.
