Family Law Attorney Jolee Vacchi Answers: What is Considered "Property" in a Divorce?

In this episode, we talk to Jolee Vacchi, family law attorney and founder of Foundations Family Law & Mediation Center. We dive into the complexities of property division during a divorce, exploring how assets and liabilities are distributed between separating spouses. Property in a divorce context encompasses everything from real estate and personal belongings to financial assets like bank accounts, investments, and retirement funds.

We also discuss how debts are factored into this process, ensuring listeners understand that liabilities are divided alongside assets. Jolee clarifies what constitutes marital property—assets acquired during the marriage—and distinguish it from separate property, which includes items owned before marriage or received individually as gifts or inheritances.

We also examine the concept of equitable distribution, a legal principle used in many states to ensure a fair division of marital property. Unlike equal distribution, equitable distribution doesn't always mean a 50/50 split; instead, it considers factors like each spouse’s financial and non-financial contributions to the marriage, the duration of the marriage, and each party's economic circumstances post-divorce. We explain how courts interpret "equitable" and what it means for divorcing couples who must negotiate these terms.

Foundations Family Law & Mediation Center is a boutique family law practice based in Worcester County, Massachusetts. We strive to resolve family law conflicts as painlessly and peacefully as possible. Our approach is caring and dignified. While not afraid to utilize strong tactics if needed, the preferred method is respectful and amicable, especially when children are involved. We firmly believe that something beautiful can be made from something broken, and we will be with you every step of the way to help you build a solid foundation for the future you deserve. A future filled with freedom, stability, and peace of mind.

You can find more information about Jolee Vacchi here: https://www.freshstartsregistry.com/resourceguide/foundations-family-law-mediation-center