Dissolution of Marriage

Information About Divorces and Dissolution of Marriage

People involved in a dissolution of marriage sometimes agree to how their personal properties will be divided. Other times, a judge will facilitate the division to ensure it is equitable. Marital property includes all things that the couple obtained during the time when they were married. That can include their house, a vacation home, furniture, appliances, any art pieces, and any vehicles like cars, plants, boats, motorcycles, and anything that can be a form of transportation. The property also includes money, bank accounts, pensions, investments, and any businesses that they own jointly. Non-Marital Assets are things that were acquired before the marriage and can also include things acquired during the marriage under special situations. Marital and Non-Marital debt also needs to be addressed at this time. A thorough accounting of all accounts is necessary for the best outcome. Our law firm will guide you through the process so we can be prepared for the best conclusion to your case.

What Is Value In A Dissolution of Marriage?

A value needs to be determined for the intangible property, which will then be divided as well. Examples are patents, the worth of someone’s name if one person is a celebrity or a notable figure that commands a certain status. There is the goodwill value that one spouse owns a business. The professional degree earned by the spouse will also be included if the other spouse was deemed to have contributed significantly the achievement of that degree by the spouse. The intangible property can be divided when a spouse makes a direct or indirect contribution to the achievement or acquisition of that intangible properly, like giving the spouse support when he or she was pursuing a degree.

Dissolution of Marriage: How Do I Know If My Spouse Is Forth Coming About Their Assets

Trying to put a value on all of the assets so that they can be divided is very difficult especially while you go through a dissolution of marriage. This becomes even more complicated when one spouse is not forthcoming with any of the details. At times like these, attorneys are skilled in using the discovery process as set out by the law. Even if a person does not disclose all their assets or income, the lawyers can use comparisons of debts, assets, lifestyle and the existing accounts to show the court that the other side is hiding assets. The documentation used in discovery can include financial reports, tax returns, statements from banks and investment institutions, loan applications, real estate records, and many others. Each spouse may be subjected to a deposition by the other attorney. The spouses will be under oath, to tell the truth about his or her assets and income. If not enough details are provided, witnesses like business associates and employers can be subpoenaed to provide additional information when there is a dissolution of marriage.

 

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