marital assets
Get a Fair Division of Property in Your Rhode Island Divorce Case
Cranston Divorce Lawyer
Almost every divorce will involve the division of marital property. Couples with few assets may be able to handle this division between themselves without complication. But for everyone else, the division of marital property will take time. You will need to:
- Prepare a list of all properties and assets, including houses, cars, retirement accounts, pension plans, insurance policies, investment accounts, stocks and bonds, bank accounts
- Make a list of all debts
- Then identify whether an asset or debt is a marital asset/debt or separate asset/debt (did one spouse own it before the marriage or inherit it?)
- Obtain an accurate valuation of the asset
- Negotiate who will take what, keeping in mind that some assets may have tax consequences
Properly Valuing Marital Assets
The law requires that the person who values an asset not have a personal interest in that asset. This means, for example, that the estimate of a sales agent about the value of a boat cannot be used if he or she is going to get a commission for the sale of that boat. You also cannot use the tax value of your home as the basis for its valuation. You will need a real estate appraiser.
I'm Cranston divorce lawyer William Balkun . In my 30 years practicing family law, I have built an extensive list of experts in accounting, pensions, real estate appraisal, business valuation , and specialized valuation of boats and collectibles. I can help you get a proper accounting of all marital assets.
Missing Assets/Wasting of Assets
I have handled many complex and difficult divorce cases, including cases in which a spouse has been hiding income or assets, and cases in which one party has been improperly spending down the couple's assets.
If your spouse has been on a spending spree, I will immediately step in to ask the court to freeze all assets. In some cases, money can be recovered for later distribution. Either way, that should factor into the final settlement agreement.
If your spouse has been hiding income or assets, I will subpoena bank records, tax returns, and business files if the person is self-employed. I can work with forensic accountants to try to identify unreported income.
Talk with a Providence Area Divorce Attorney
You can feel confident in my ability to handle your case, whether you seek to resolve it through negotiation or you believe it will go to trial in Rhode Island family court. Contact The Law Office of William J. Balkun online or call 401-463-5106.
