Often, the most complicated matter in a divorce proceeding is the division of marital assets and debts. Contention between the parties of what should be considered marital assets and which should be personal is rarely agreeable.
Whether your balance sheet is relatively straight forward or extremely complicated, it is advised that you consult an attorney experienced in divorce and asset division.
Our firm’s sole practice is family law, specializing in divorce with asset and debt division.
We have the resources necessary to analyze both parties complete financial situation, a vital step towards achieving an equitable outcome in your divorce. Our team will work to ascertain what assets are considered marital and those that are separate, along with the proper valuation of those assets subject to division in a divorce proceeding.
Assets acquired during the marriage are usually considered marital property and subject to division. This includes bank accounts, real property such as the family home and vacation properties, automobiles, retirement accounts, stocks, bonds and ownership in any business.
Generally, property owned by one party prior to the marriage will be valued based on the increase in asset value since the date of the marriage. For example, one party owned a home that was worth $100,000 on the date of the marriage. At the time of the divorce the same home is worth $150,000. In this case, $50,000 would be subject to asset division.
Yes, the total value of any ownership, whole or partial, of a business is considered marital property. If the business was owned prior to the marriage any increase in value from the date of marriage will be subject to asset division by the court.