Every divorce process includes property division which involves the division or property and the division of liabilities. Because of the number of assets involved, and the complexity of some of the assets, the property division process can be overwhelming. It can also be an emotionally challenging aspect of divorce. Assets that must be divided can include common assets such as real estate, cars, boats, bank accounts and other similar assets.
While even the division of common assets can be contentious, more complex assets may lead to even more acrimony in the property division process. Assets such as investments, employee compensation plans, retirement plans, pensions, deferred compensation, life insurance policies, stock options, restricted stock and brokerage accounts can all present valuation challenges and may also create concerns for the divorcing spouses during the property division process.
In high asset divorce situations, additional valuable assets may need to be valued and divided including art, antiques, valuable home furnishings, rare coins, classic cars, wine collections, substantial gifts, horses and other high-value assets. A family business may also be part of the divorce and property division process. There is a significant list of items couples may also overlook ranging from memberships to important tax considerations. It is essential for divorcing couples to ensure all property is included in the property division process.
It is also important to be able to focus in a non-emotional manner on the property division process and to ensure that all property that has been accounted for is also properly valued. Taking those steps can help the property division process progress more smoothly and can lead to more amicable outcomes for the divorcing couple saving time, money and acrimony in the process.
Source: Forbes.com, “Divorcing Women: Don’t Forget These Marital Assets,” Jeff Landers, Oct. 16, 2013
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Partner at John F. Schutz, P.L.
Representing clients exclusively in family law cases for the past 24 years, Mr. Schutz is widely regarded as a marital and family law expert. He is Board Certified in marital and family law by The Florida Bar. As a Fellow of the American Academy of Matrimonial Lawyers (AAML), Mr. Schutz is committed to elevating the standards and improving the practice of family law.
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