When going through a divorce, it is best to ensure a family law lawyer has been hired to assist with the proceedings. These professionals have the knowledge it takes to assist with dividing assets, understanding what complex assets that exist in the marriage and explaining certain details to the spouse.
Before the items may be separated between the two dissolving the marriage, each spouse must realize what has been accumulated and acquired during the course of the relationship. This means a family lawyer may be essential in the divorce process. There are many documents that may be missed without the assistance of legal representation.
In order to properly divide assets and liabilities during the divorce processes, it is important to decipher what a complex asset is and how it affects the married couple. These are considered to be private companies, types of stock such as restricted, partnerships that have limited interests and similar assets that cannot be liquidated. It may be possible to calculate how much these items would be worth, but if there are companies that cannot be ended, the spouse may still accrue revenue. Stock and interest may often be sold, but if there are operational agreements in place that do not permit this until after the divorce is final, the amount acquired through the sale may not be truly determined until after the procedure.
Analysis and Valuation of Complex Assets in the Divorce
Most assets have a pre-agreed upon value based on certain factors that were determined previously. These apply to most assets, but if the two parties feel that amount is not sufficient, experts, accountants, appraisers of businesses and other evaluators may be used to consider each asset for a more complete and thorough examination. When a complex asset is part of these situations, these individuals may become necessary. Complex assets are not fixed or easily evaluated, and a professional is usually utilized to assist with these factors during a divorce between a married couple. This permits an accurate assessment of possible businesses, stock or interests in a company.
Dividing a business is often complicated and difficult to accomplish, but when the couple are no longer to be business partners, it may be completed through three ways. If the company cannot be divided or sold for liquid cash, one spouse may receive the entire business. If this is the route taken, the party that has more responsibility or involvement usually receives the entire company. The other spouse would be provided an asset of equal value such a real estate or bank account amounts. If neither party wants the business and it may be sold, this route is taken to split the proceeds between the two. When the husband and wife are on good terms, they may run the company together even after the divorce. This is generally done when there is a large revenue stream and each person is more invested in the business.
Dividing Other Complex Assets
Certain other complex assets may require assistance in dividing such as retirements plans. If a pension or retirement policy has been put aside and accruing the necessary funds, to ensure both parties are able to benefit from these complex assets, an order must be completed such as a Qualified Domestic Relations Order. This communicates with the administrator of the plan that there will be a dissolution of the marriage and each spouse will divide the benefits from the plan. The order sets the terms, conditions, and stipulations of the dividing assets for each individual. This would include how great the benefits are for each spouse, how these monetary payouts are provided and when they may be allocated.
Some other complex assets may require special circumstances such as interest, shares or stock in a company. If the operations agreement does not permit the sale of these items without certain persons available, or other conditions to be met, they may not be divided until so many days or weeks have passed. This may lengthen the divorce process, or they may be valued at fair market prices and then the judge may move on to another matter. If a partner or shareholder is needed to assist with the sale, the shares or interest may be sold to these individuals in the business.
The Family Law Lawyer
Throughout all these events, processes and procedures, the family law lawyer is assisting with the documents, evaluations, and assessments necessary for a reasonable outcome for financial matters.