Your financial settlement is the way your financial assets and liabilities are resolved when you get divorce. It includes how much you'll be required to be liable for maintenance.
The article covers the following areas matrimonial and other assets that are not marital, financial assets (stocks, bonds and property) in addition to child support and maintenance payments.
Matrimonial assets
In divorce proceedings, finding the marital value of assets can be a challenging job. It can be challenging to determine the value of assets due to the fact that they are often commingled during the course of marriage.
If you're a party to a prenuptial/postnuptial agreement that states that certain assets will be deemed separate, then you will each own the marital assets. The court is able to divide the marital assets between you and your spouse with an equitable process upon divorce.
It can be difficult to determine since the value of assets tend to grow over the course of. This is particularly true of the heirlooms of art, collectibles, and other significant objects. The court may use several ways to determine the worth of an object. The methods include the value-based model, income-based methods financial settlement and the replacement value. In some instances the services of a valuation expert might be required to give professional advice on the worth of a particular asset.
The method by which an asset gets acquired may also impact the value of an asset. If you contribute a work that is a work of art to your marriage and encourage your spouse to make it better and more attractive, and condition, you may have an impact on its value at some point in the future. It can have a positive impact on the equitable allocation of assets in the event that you can increase the value of your art.
If you purchased something with the help of your spouse, as an investment in joint venture, by using money made during marriage, it can also grow in value and then become an asset of the marriage that can be subject to equitable division upon divorce. It is important that you keep separate your account for your personal and joint accounts. This holds true even you are trying to safeguard a prized object, for instance an old classic car purchased using funds you earned prior to your wedding.
Also to that, if the private property is used to buy an item that is legally considered to be property of the marriage, this can trigger comingling. The money is in a bank that was obtained prior to wedding. Your spouse has access and become a member. This may be enough for you to change your separate account to a marital property as the assets have been combined and transformed the cash from marital to non-marital.
The claim of dispersipation
The last major factor that could affect the value of an asset is the possibility that one of the parties has abused or destroyed assets during the relationship. This is particularly common when divorce proceedings are involving it is believed that infidelity has been a contributing factor. You soon to be ex-spouse could get the property as part of your settlement agreement If they can prove the money was squandered and that the value of the asset was decreased.
One of the most crucial things to keep in mind when you are evaluating assets in order to decide on fair distribution is that there is no right or incorrect method. Talk to a seasoned family lawyer to ensure that your assets are dealt with in a fair manner. We will help you determine and locate assets, and we can then talk about the best method to handle them during the divorce process.