ASSET EVALUATIONS
Pension Evaluation & Distribution
A pension appraisal company can be hired to provide the parties with the exact amount of benefits to be paid to each party upon the retirement of either or both of the parties. These companies evaluate pensions, deferred compensation plans, 401K and Plans. The use of these companies assists in making sure that any settlement is fair and that both sides are receiving all of the monies that they are entitled to.
Property Evaluation & Distribution
Property evaluation is done by having a particular parcel of real estate appraised and the marital portion of the asset determined.
Finance Evaluation & Distribution
Upon a marriage being dissolved by divorce, the marital assets are distributed in an equitable fashion.Property is liberally defined; some things are assets and subject to equitable distribution are real property, cash, annuities, 401ks, 403bs, enhanced earning capacity attributable to a Master’s degree, licenses to practice medicine, dentistry, law or other profession.
Property is distributed in an equitable fashion, not necessarily equally. However, in New York, the longer the marriage and the presence of children, usually brings the division to 50/50.
What is no distributed is “separate property”. This is any property brought to the marriage by one of the spouses and kept in that spouses name alone; inheritance; monies received from a tort/personal injury action. If the spouse who owns the separate property does not re-title that asset in the other spouses name, that separate property retains it’s classification as separate and is not subject to equitable distribution.
Business and Asset Services
To equitably distribute a marital asset it is necessary to have that asset evaluated so that the parties have full knowledge of the value of the asset. There are multiple tools that attorney use to have an asset valued.
A professional license can also be appraised so that the value can be ascertained and be subject to distribution.
Asset searches are done to insure compliance with financial disclosure. All of these tools insure that both parties are fully aware of the value of each and every marital asset so that when an Agreement is made the Agreement is fair and equitable.
The cost attendant with these forms of searches is above and beyond the legal fees being paid by the parties. To that end, the respective experts/companies are not retained without considerable thought and discussion with a client. However, if the value of an asset is unknown, it is imperative that the value be ascertained during the matrimonial case.
Forensic Accounting
A forensic accountant can be retained to establish the value of a business. If the action is in court, the court will often have list of experts to choose from or may request that counsel provides the names of experts so that court can order which expert shall be retained. The payment of this is generally determined by the respective incomes of the parties and can be paid on a pro rata basis. If onc spouse has an income far superior to the other spouse, a request is made to have the monies spouse pay 100% of the fee.
Debt Allocation
In a matrimonial case debt is designated into two (2) categories, marital debt and separate debt. Marital debt is generally debt incurred for the benefit of the family, such as the purchase of groceries or clothes. Other examples include the payment of a family vacation on a credit card or using money from an equity line of credit to payoff a family bill/debt. If the debt is deemed martial property it is apportioned between the parties.
Separate debt, is debt incurred for the benefit of that spouse alone or for the benefit of another such as a paramour (girlfriend/boyfriend). If debt is deemed separate, the court can order one spouse to pay all of that debt (which they incurred) without any contribution from the other spouse.