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Ed Shaw Law No Nonsense Legal Advice

Local Solutions For Local Problems

MONEY AND DIVORCE

On Behalf of | Jan 13, 2025 | Firm News |

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is something that was owned before the marriage, or a gift to one spouse by family during the marriage, those are called non marital property, and they go to whoever had them before the marriage, or, received the gift.

The process of division involves putting everything into two piles, one for each spouse.  The goal is to even out the values, not including the non-marital items.  It seems easy, but, in cases where people have accumulated items of value during the years of marriage, it can be very complex and time-consuming.  For vehicles, you can use the blue books, for houses, can go with tax assessed values, or appraisals, for bank and investment accounts, you can use statements, for debt, you may also use statements.   It seems simple, but, as often as not, appraisers can have different opinions on house values, I have seen different appraisals with different opinions of value, blue book values are based on the vehicle condition, there can be disagreements on that as well.

Even worse, dealing with unusual or non-titled property.  Construction equipment, classic cars, personal collections, can be very tough to value.  Small items and household goods, i.e. hand tools, furniture, etc. are not only hard to value, but, because there is no record of ownership it can be a problem even proving who owns them.

Cases with a lot of property to fight over involve hours of hard work getting values, putting spreadsheets together, preparing appraisers and other witnesses to testify.  After that is all done it is up to the judge.  Just as putting a property case together is hard work, deciding after a trial is also tough.  Many judges put in the hard work and do a great job, but some struggle with sorting out the numbers.  Even the judges that do a good job have a hard time sorting out conflicting opinions of value and contradictory testimony.

The bottom line, if you can find a way to settle a divorce with property issues by making an agreement with the other side you will not only save thousands, but you could very possibly save well over 10 thousand in legal fees, you will avoid a lot of stress, and possibly an unpredictable decision.

 

Ed

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