Divorce can be a very complex matter. Even those that seem pretty straightforward at first can become much more complex as time passes and matters unfold. There are two big items that definitely add a layer of complexity to a divorce: 1) children, and 2) debts and assets.
If you or your spouse own property or a business, have investments or high net worth, and/or have significant debt, your divorce can quickly transform into a complex divorce.
To ensure all your rights are protected and you receive everything you are entitled to, it is crucial that your assets are properly valued. An experienced divorce attorney like George Gelb will have intimate knowledge and practical application of the law for navigating complex asset valuation issues. He will be in your corner, zealously advocating for your rights every step of the way.
Contact George today with your asset valuation questions.
Asset Valuation Issues in Florida Divorce
In Florida, the standard for dividing debts and assets between a divorcing couple is equitable distribution. That means assets must be divided fairly and equitably between the spouses. Oftentimes, “equitably” means equally, but not always.
The process of asset valuation is usually fairly straightforward: house, cars, clothing, etc. – but it can easily become more complex. For example, let’s say Ann and Bill are divorcing. During the marriage, Bill accumulated a large amount of stocks or business interests. Or the couple purchased a number of valuable antiques or rare artwork during the marriage. How are these valued and divided fairly?
Valuing assets can affect just more than the “stuff” you get in the divorce, too. Both alimony and child support awards (even attorney’s fees) are determined in part by each spouse’s net income.
Valuing assets for the purposes of dividing it in a divorce can be complicated by the following:
1. Owning a Business – Was it owned before marriage or during the marriage? Has it gone up in value during the marriage? An appraiser will be called upon to value the business based on financial documents and business records, as well as market information.
2. Commingling – Combining separate (non-marital) funds or property with marital assets can complicate matters. Commingled assets may include the appreciation of separate property during the marriage. What constitutes marital and non-marital property?
3. Owning Property – Whether it’s real property such as homes or investment properties, or personal such as jewelry or antiques, an appraiser can be hired to determine their worth. What about property received as a gift or inheritance?
4. Retirement, Securities & Investments – Retirement, pension, stock options, QDROS, and other security investment accounts – you need a divorce attorney with extensive experience handling these complex issues.
Besides the actual current value of an asset, tax consequences and other factors need to be considered.
Related post: Do you need a forensic certified public accountant for your divorce? (Answer: If you suspect that your spouse is trying to conceal assets or income, you may.)