In a divorce, assets acquired, and liabilities incurred during a divorce are divided. The enhancement in value of assets acquired before the marriage may also be considered a marital asset.
Marital assets can include the following:
* the marital home
*investment properties (real estate)
*retirement plans and investments
*increases in the value of non-marital assets
Marital liabilities can include the following:
*credit card debts
*business and personal loans
Division of these assets and liabilities can be complicated. If assets are income-producing such as investments and businesses, it is necessary to consider the income as well as the value of the asset itself. If the value of the asset is not agreed to by the other spouse, it is often necessary to hire experts to do an evaluation.
We understand that the division of your assets and liabilities can impact your financial future and the financial future of your family for generations to come. Our goal is to protect your assets and to guide you to make wise decisions during a divorce. Contact us for more information!