Tag Archives: Asset Distribution
How assets and liabilities are valued in a divorce?
How does the court determine how much the assets are worth? Or how much the liabilities cost? This is why valuation of assets and liabilities is an important issue in a divorce. There can be three valuation dates of marital assets and liabilities: – First is the date of separation of the parties. This is… Read More »
How are assets and liabilities divided in a divorce?
After a court identifies the characteristic of all assets and liabilities, the court must distribute those assets and liabilities fairly after considering the following factors: The contribution to the marriage by each spouse. The economic circumstances of the parties. The duration of the marriage. Any interruption of personal careers or educational opportunities of either… Read More »
The discovery process in divorce
After the initial divorce petitions are filed, the parties then start a process called “discovery.” During discovery, each spouse must disclose certain evidence, called mandatory disclosure. This includes things such as a financial affidavit, income tax returns, pay stubs, loan applications and deeds, bank statements and more. In addition, one can request other items… Read More »
A clearer financial picture during divorce
During a divorce, it’s very important to have a clear picture of each party’s financial status, and in addition to the Financial Affidavit, there are other ways to ensure the other party produces all financial documentation. For one, there are written questions, called “interrogatories,” which ask questions about a party’s education, assets and liabilities…. Read More »
