If you decide to divorce, your financial settlement will decide the way you will settle your debts and assets. It also includes how much you will be required to make payments for maintenance.
The following will be covered in this piece: matrimonial and non-matrimonial assets, financial assets such as stocks, bonds, as well as real estate, child maintenance and child support.
Matrimonial assets
The most frequent issue encountered in divorce cases is deducing the value the marital estate. It can be challenging to establish the value of these assets since they're usually thrown into the same pool during the course of marriage.
Marital assets refer to assets and cash you and your spouse acquired during the marriage, unless you and your spouse signed a prenuptial agreement or a financial settlement postnuptial agreement specifying that certain assets are separate property. The court will split the marital property you own with each spouse in an equitable way after divorce.
It's not easy to determine the worth of assets because they are likely to appreciate over time. This is particularly the case for artwork, heirlooms, collectibles, and other significant items. In many instances, the justice will make use of a mixture of different methods to establish what value an asset has. This could include a costs approach, income approach and the replacement value. An expert in valuation is often needed to give a professional appraisal of the worth an product.
The way an asset is obtained can impact the value. If you take a piece or piece of art into the marriage and you encourage your spouse to make it better and more attractive, the item could be able to have an impact on the value in the future. The value could rise. that it's worth and would have an impact on fair distribution.
In the same way, if you or your spouse have purchased something as an or investment with the proceeds of the course of your marriage, this could increase its value, making the property marital and subject to equitable distribution upon divorce. It is essential to keep separate your account for your personal and joint accounts. This holds true even if your goal is to safeguard a prized item, such as an antique car that you purchased through funds earned prior to the wedding.
Comingling can also occur if separate property used for the purchase of an item that is considered to be property of the marriage. If you own a bank account that has money you made prior to your marriage and then you join your spouse to the account and allow them access. This could allow you to turn your personal property into one you can share with your spouse due to the fact that your assets are co-mingled and you have changed the funds from non-marital into marital.
Demands for dissipation
Last but not least, the claim that a spouse is guilty of using or wasting assets in the marriage may be a major influence on the asset value. Infidelity when divorced is a common factor. The soon to be divorced spouse could get the property as part of your financial settlement If they can prove the money was squandered and that the value of the asset was diminished.
If you are considering valuing assets for equitable distribution purposes The most crucial thing to keep in mind is that there is no method of evaluating an asset is correct or incorrect. Talk to a seasoned family lawyer in order to ensure the assets you own are handled fairly. Our attorneys can assist with locating and identifying assets, and then decide on the best way to treat the assets during divorce.