Children are the most important part of any separation although asset distribution can be one big mess. Equitable distribution of bank accounts, stocks, real estate property, retirement accounts, business assets, and many other types of assets qualify for equal distribution between separated individuals. Liabilities such as debt, credit card debt, mortgages, and personal loans may also be legally divided. In the majority of cases, a court appointment is required to divide each individual and equal share of the assets and liabilities. You may have had assets as an individual before your marriage and which may or may not be protected by law. Again, many variables come into play in the distribution of assets and liabilities between separated individuals and it is best to gain representation by an experienced attorney for representation. Some considerations by the court may include:
- Contribution to the marriage by each individual
- The length of the marriage
- The economic and financial state of each party
- Any possible interruption to a party’s education or professional career and the contribution of the other individual to each
- An individual’s desire toward retaining a particular asset and the other party’s concession toward the asset
- The potential to retain a marital home as a residence when a minor is involved if it is in the best interest of the party
There will likely be an entourage of lawyers, accountants, business appraisers, and asset appraisers involved in any separation, especially high and complex asset divorces. When high value and complex assets are involved, legal advice is essential and we can help you resolve your case.