Table of Contents
Whether you are filing for divorce, preparing for mediation, or in the middle of a trial, you will want your attorney to work hard to ensure you receive an equitable division of assets.
Divorce lawyers have expertise in dividing complex property, such as real estate, vehicles, homes, jewelry, art, and businesses. They are also skilled in dividing retirement accounts, investments, and other complex assets.
One of the most irritating aspects of divorces is how to divide assets and debts. As a result, this is one area where the help of experienced family law attorneys can make a real difference to the outcome of your case.
When dividing marital assets, it is crucial to have accurate information about your and your spouse’s property. This information should include your assets and debts, whether separate or marital and how much each asset is worth.
For instance, divorce lawyers in Pasco County Florida can help ensure all your possessions are listed and adequately valued. They can also help identify assets that you and your spouse may not be aware of, such as your children’s college tuition.
Another way that divorce lawyers can assist in the division of assets is by facilitating negotiations with your spouse. As a result, negotiations are often successful, especially when both parties can maintain civility throughout the process.
Valuation of Marital Assets
A divorce lawyer will work with expert appraisers and forensic accountants to value complex assets like business interests and intellectual property. It can be essential if you own a high-value business and want to ensure you receive fair shares of the company’s profits in your divorce settlement.
The court determines marital property by looking at several factors, including the duration of the marriage, the value of the property, and the spouses’ contributions to the property. They also take into account the income and earning capacities of each spouse.
In addition, courts will look at the extent of each spouse’s squandering of marital assets. It is sometimes called the “dissipation of property.”
Some assets are valued before the filing date, and others require an independent appraisal. Therefore, the court may use an average of values between the filing and trial dates in those cases.
When a divorce involves substantial assets, there is a greater chance that the parties may need to negotiate a settlement. These agreements can save time and money by avoiding expensive court litigation.
Divorce lawyers can help couples resolve disagreements over a property division settlement by making the negotiation process more productive and less costly for both parties. First, they will work to identify each party’s interests and then build a framework that reflects them.
They will also ensure that financial disclosures are accurate and complete. It is critical because if assets are hidden, or the spouses do not fully disclose their financial information, they can lose significant amounts of money in a settlement.
Negotiating divorce cases is difficult, especially when both parties are highly emotional. It can cause a breakdown in communication and negotiations, leading to an unsatisfactory result.
When a dispute over case-related details is too complex for a judge or jury to resolve, experts can help. These witnesses can be physicians, accountants, economists, vocational rehabilitation experts, or any other professional with specialized knowledge of academic or technical subjects.
During the trial, they can offer their impartial, unbiased opinion based on their expertise and technical facts. It can be a tremendous asset to both sides, clearing up any confusion and allowing the court to move forward.
The right expert witness may make or break a case, so hiring the most outstanding specialist is critical. A good divorce lawyer will take the time to review all of the pros and cons of using an expert witness in a particular case.