A Marital Division of assets Agreement is very similar to a prenuptial agreement. However, the couple signs this agreement before and during a divorce. This binding agreement establishes the division of property if a couple decides to divorce or after one of the spouses dies.
The division of assets in divorce refers to including both joint possessions and financial support. However, the legal definition of “assets” will consist of real estate, automobiles, and investments. If a couple does want to divide equally, it may make the situation more manageable. However, it is difficult to split the property right down the middle. It is one good reason to speak to an attorney about who gets what after a separation or a death.
The couple signs this agreement before and during a marriage. Couples who select to take this route typically hire an attorney. Divorce lawyers can help with the arrangement’s terms and address their clients’ desires. Therefore, each party should find its representation. It is an intense struggle of interest if the attorney works for both sides.
The laws for the type of document can be more complicated than it seems. People decide on the division of assets to ensure after divorce or death; that they acquire the marital property they want and need. However, legal representation is essential, and you should not attempt to make such decisions without experienced legal representation.
Complex Property and Assets Division
High-worth divorce cases may often be more complex and need more specialized lawyers than standard divorce cases. So, they may involve some of the following unique assets requiring procedures to determine the value and equitable distribution.
In this division of assets in divorce, selecting the correct expert and presenting the case in a favorable light is essential to obtain the best outcome. The nature of high net worth divorces involves the attorney identifying various financial, legal, accounting, and tax-related issues relative to the assets involved.
Closely Held Business
Unlike a publicly traded business, a closely held company is typically owned and managed by a small group of shareholders. These firms include automobile dealerships, high tech, media, and high-growth companies. Moreover, they involve property insurance companies and small businesses like bars, banks, gas stations, construction companies, and printing companies.
Because shares of closely held businesses are never publicly traded in the stock market, it is difficult to determine their value. Valuation needs to look at the level and timing of future finance and the certainty of the business’s future.
Real Estate
Real estate holdings may contain high price houses, available land, and shopping centers. Valuation involves looking at comparable real estate sold, replacement value, and finance of any income properties. Further, analyzing zoning codes and the requirement for specific property types are essential in an accurate real estate valuation.
Professional Practices
Professional practices comprise legal, medical, and dental procedures. However, they present unique valuation problems. Additionally, professional methods typically require a significant malpractice insurance policy which you can consider. Therefore, future success depends on intangible assets. However, they include customer goodwill and the skill of the professionals involved.
Entertainment
A divorce where one or both come from an entertainment background can be incredibly challenging. The division of assets involves different businesses and other tangible and intangible assets. For example, some help, like patents, royalties, trademarks, and other intellectual property, generate revenue. However, some divisions of assets lack specific economic benefits, like customer lists and the expectancy of repeat patronage.
However, experts are essential to determine these assets’ equitable distribution and value. Selecting the correct professional, presenting a persuasive case, and weakening the opposing side’s case are often essential for a favorable outcome.
