Complex Property Valuations And Divisions
Getting Fair Property Divisions
Dividing assets requires knowing what they’re actually worth. Many assets, like deferred compensation plans, employee stock options or the value of a family business present complicated property valuation issues that require the help of financial professionals to ensure they’re assigned an accurate value. Our family lawyers at the Huson Law Firm, PLLC, have helped clients find their way through these difficult issues. We have the experience to identify important valuation issues and the resources to build evidence-based arguments for our clients. We have working relationships with expert forensic accountants who are able to provide accurate property valuations that can hold weight in Minnesota’s courts.
The Asset Valuation Process
Our asset valuation approach requires answers to the following questions:
- Is it marital property? Aside for some exceptions, only marital property is divided during a divorce, so determining what falls into or outside of this category can make a big difference. Generally, marital property is all property acquired by either spouse during the marriage, regardless of who holds title to it. The main exceptions to this rule are property inherited by one spouse, property acquired before the marriage, and property excluded by a valid prenuptial or antenuptial agreement.
- It’s non-marital property, but can it still be part of the division? Non-marital property can still be part of the division in the unusual case that one spouse’s resources, including their share of the marital property, are so inadequate that it results in an undue hardship. If this happens, the court may give up to half of the other spouse’s non-marital property.
- What’s it worth? The value of all marital assets is determined on a single day during the divorce proceeding. You must have all the necessary documents and on this day to get an accurate valuation. When the numbers get complicated, we insist on using qualified experts to get the best figures.
- What’s an equitable division? To determine what’s equitable, the court looks at:
- The length of the marriage
- If any party has previously been married
- The age, health, station and occupation of the spouses
- Sources of income, vocational skills and employability
- Opportunity for future acquisition of capital assets
Equitable division also includes liabilities. Deciding how to divide debts adds the complications of underwater mortgages, business loans, or other large and complex debts. Our family law attorneys have found that getting the numbers right early in the process can make a big difference later.
Our Legal Team In Maplewood Gets The Numbers Right
The Huson Law Firm, PLLC, has more than 20 years of experience making sure that clients in the Minneapolis metropolitan area begin their lives after a divorce with a sense of financial security and opportunities for future prosperity. Call 651-968-0822 or contact us online to schedule your free initial consultation.