When a marriage ends, all marital property must be equitably divided between the two parties. Many people think an "equitable" division is the same as an "equal" division. That is not the case. An equitable division of assets takes numerous factors into consideration, and it is important to understand those factors in order to protect your rights.
Because the court looks at several factors in a property division, it is important to make sure your attorney presents your situation in the best light. In addition to giving the court the information they need, I also make sure my clients have the information they need.
In order for the assets to be fairly divided, it is important to have a fairly accurate assessment of their value. For the purposes of estimating, you can use tax assessments, internet sources, bank statements, mortgage statements and receipts. Using this information, I work with my clients to determine an appropriate property division settlement.
Depending on the assets that are being distributed, there may be several plausible and equitable divisions. I make sure my clients have a good understanding of all their options and the possible ramifications of each choice. For example, although your savings account may be worth about the same as your retirement funds, stocks or bonds, there might be a tax penalty for retrieving the funds early.