Your Stamford divorce attorney from the Law Offices of Piazza, Simmons and Grant LLC understand the legalities involved with financial dissolution of a marriage. Even when family issues such as child custody and visitation are arranged, there can be much difficulty when the couple is deciding on the financial aspects of the separation. In many ways, the dividing of property and debts is similar to dissolving a business. The issues concerning the family are totally separate, with the exception of potential alimony and child support assignments as a result of the divorce. But, your Stamford divorce attorney understands the formula that the courts employ and can be an excellent source of information when arriving at an agreement.
Determining Assets and Liabilities
Trust and honesty are crucial when a divorcing couple is taking an inventory of what they actually own and what is classified as debt. Depending on the amount of each financial situation, calculating equity in a property can also be difficult when the remaining debt is low. Your Stamford divorce attorney will help in the actual value determination of each and every item on the list as well as giving an indication of what the court may decide over disputed property value and ownership. Not all personal property is considered marital party in many cases, and this should be duly noted and agreed upon by both divorcing spouses. The list should also be comprehensive, as disputed or hidden assets can create real problems when the divorce goes to court for a final decree.
Determining Fair Equity
Your Stamford divorce attorney will explain that all courts basically use the same formula to determine the division of community marital property. The initial step is to evaluate all property that is a clear asset. The property that is still included in a debt agreement is combined according to the amount of money still owed on the property. The problems begin when assessing the value of property that is collateral on a loan or payment account. The question will be how much of the equity in the property is to be assigned to each party and calculated into the final number. The formula is essentially all assets minus all liabilities. However, this not an easy task to accomplish when attempting to reach a ratio decision on a fair distribution of property and liability.