There may be assets accumulated during marriage where determining the community and separate property interest is more complex. These assets may consist of businesses, real property, stock options, retirement accounts and pensions. Determining the value of these assets and how they will be divided may require the use of experts.
Businesses
The valuation of a business and determining the community interest can be complex. Experts, such as forensic accountants are used to determine the value and community interest. These experts must be familiar with the various methods of valuation and be able to present their findings to the court. Although forensic accountants are used, the attorney must also have a firm understanding of the valuation methods and be able to negotiate and litigate this difficult area of law. Steven L. Fritsch, Esq. has represented many clients or spouses that have businesses. He has negotiated many property settlements and litigated many divorces where businesses needed to be divided or the community interest determined.
Vacation Homes
Real property that was acquired during marriage or prior to marriage may pose complex issues that requires a firm understanding of the law to ensure an equitable division is obtained. For instance, if real property was acquired during marriage it is presumed to be community property. However, a spouse may make a separate property reimbursement claim if the down payment or principal was paid with separate property funds. Real property that was acquired before marriage and therefore separate property but used community funds to make payments on the mortgage may have a community property interest. A special formula called “Moore Marsden” is used to determine the community interest in the separate property. Steven L. Fritsch, Esq. has the knowledge and experience to deal with the various issues that arise when real property needs to be valued and divided.
Retirement and Pensions
Many spouses contribute to retirement and pensions during marriage which may create a community property interest in the asset. Some retirement accounts are more complex than others but what is the same in all is that they must be valued before they are divided. A firm understanding and knowledge of dividing retirement accounts is necessary to obtain a fair and equitable division. A failure to fully understand division of retirement accounts and pensions may result in an unequal division. For instance, an actuary should be used to determine the value and the community interest in the pension. Also, there may be serious tax consequences depending on how the retirement account is divided. Steven L. Fritsch has the experience and knowledge regarding the division of retirement accounts and pensions and understands what experts will need to be used. Please contact the Law Office of Steven L. Fritsch to discuss the division of retirement accounts.