DIVISION OF ASSETS AND DEBTS
Resolving issues pertaining to property in a divorce can be a complex and contentious process: It must be classified, valued and allocated. First, your property must be classified as marital or nonmarital. Property acquired during the marriage is generally presumed to be marital property. However, property acquired during the marriage may be deemed nonmarital if it was received through an inheritance, gift or in exchange for nonmarital property. If a spouse has significantly more nonmarital assets than the other spouse, this can impact the division of marital property.
Once the property is classified, it must be valued. While many assets are easily valued, the valuation of some assets is more complicated, such as closely held business interests and real estate. In these more complex valuation issues, it is often necessary to retain an appraiser or business valuation expert to opine regarding the value of the asset.
Strategic Divorce attorneys have extensive experience in handling even the most complex and challenging property issues, including property classification, tracing marital and nonmarital property, business valuations, and the tax consequences of the division of assets.
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