Agreeing to a Fair and Equitable Distribution of Assets
What is “fair and equitable”? If both sides agree, then a property settlement will be straightforward. If the divorcing spouses do not agree, a great deal of negotiation may be required, possibly extending to litigation. Whatever the case, as a divorcing spouse, you need a lawyer who will look after your interests and protect your rights.
Some questions that your lawyer can help you answer include the following:
- What are your real estate holdings, including the marital home, a vacation home, or investment properties?
- What property can be considered marital and what property is non-marital?
- What did each spouse contribute to the value of property?
- Are pensions and retirement funds involved? A QDRO (Qualified Domestic Relations Order) may be needed to ensure that the funds are divided appropriately.
- Is there a business involved? It may be important to have a business valuation to determine how to settle claims regarding that asset.
- What are the tax consequences and other financial consequences of a division of assets? Can the distribution be structured to your advantage?
- How can non-liquid assets (or assets that are best left whole) be divided? How do I get an accurate valuation?
- How should other property – jewelry, art, cars, furnishings, boats, planes – be divided?
- What can I do, if I suspect that there might be hidden assets?
The more complex the estate, the more you need an experienced lawyer. Call 952.896.1099.
You have rights, and those rights need to be protected. It is difficult and in some instances impossible to go back after the marriage dissolution to change the property division. Make sure you have an attorney experienced in property division involved early in the process before any agreements are discussed. Call 952.896.1099 or contact us for an appointment.