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Property Division

A married couple normally constitutes a single economic entity: a marital estate. For this reason, a necessary component of any divorce is a determination of how marital property will be divided.

 

What seems simple enough when you first contemplate it may not be when you take into consideration equitable distribution of your and your spouse's entire financial portfolio, including the following:

 

* 401K
* Real property
* Inheritance
* Business ownership
* Lawsuit settlements
* Annuities

 

Divorce can be an emotional and disruptive time of life. Individual reactions vary greatly when it comes to property division:

* Sometimes one spouse or the other just wants to get the whole thing over with as quickly as possible, without concern for retaining ownership of anything.
* Sometimes a husband or wife wants to make sure that the other spouse receives as little as possible in retaliation for perceived wrongdoing in the marriage.
* Sometimes separated couples are able to rationally discuss what they believe will be the fairest and most sensible division of marital property.

 

Your situation may require participation of forensic accountants and other experts if your spouse is suspected of hiding assets or if your joint financial picture is complex. A tax accountant may offer valuable advice to help you determine how to maximize the money and property that both of you have after the divorce and minimize present and future tax liability.

 

Get a handle on what needs to happen to achieve a fair, timely divorce with regard to any and all property that belongs to you and your husband or wife. Talk to an experienced attorney.

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