The financial settlement will determine how your assets and debts will be dealt with in the event of a divorce. This is the amount that you will be required to pay in maintenance.
This article will discuss the following subjects matrimonial and other assets that are not marital, financial assets (stocks or bonds as well as real estate) Child support, and maintenance payment.
Matrimonial assets
In divorce proceedings, finding what the marital asset worth is usually a daunting task. It isn't easy since assets are often commingled as they are mixed up in marriage.
If you've got a postnuptial or prenuptial contract that stipulates that certain assets will be deemed separate, then you will jointly own marital assets. The courts are able to fairly divide the marital assets among you and your spouse in divorce.
It is difficult to estimate the value of something because they can be expected to appreciate in value in time. Particularly, this is the case with antiques and collectibles. The court will use a combination of methods to determine the worth of an asset. These methods can include costs approach, income approach and replacement value. An appraiser is needed to provide an expert opinion about the value of an object.
The way an asset is obtained can impact its value. If you take a piece in art to the wedding and encourage your spouse to upgrade and improve the condition of it, the item could be able to have an impact on its value at some point in the future. This may increase the value the art is worth and can affect equitable distribution.
If you purchase an item with your spouse for an investment jointly made with the funds made during union, the item could improve its value, and financial settlement eventually become the property of your marriage, which is with the possibility of equitable division on divorce. This is why it is vital to maintain your own personal financial accounts apart and to not combine them with your marital one in the event that you need to safeguard an asset, like a car purchased with funds earned prior to the marriage.
It can also happen if separate property used for the acquisition of a product that's considered as marital property. You have money from a financial institution that you acquired prior to the wedding. Your spouse is given access to it and then added as a member. This can be enough to turn your personal property to a marital property as the assets have been co-mingled and you have transferred the money from non-marital to marital.
Demands for dissipation
Another factor that could affect the value of an asset could be a claim that one party has abused or destroyed assets during the wedding. Infidelity in divorces is a frequent cause. If your soon-to-be ex-spouse can show that they squandered money from the marriage and affected the worth of the assets, the asset may be awarded to them in the form of a financial settlement.
When it comes to the valuation of the value of assets in order to ensure equitable distribution one of the main things to be aware of is that no approach to evaluating an asset is correct or incorrect. Consult an experienced family lawyer to make sure your assets are treated equally. We can help you identify your assets and find them, and we can then talk about the best method to treat them in the divorce process.