You should hire a divorce lawyer right away if you are facing separation. Divorce can be an incredibly stressful time, making it difficult for most people to think clearly and without emotion. Hiring an attorney will make sure that you have someone watching out for your best interest while you deal with the separation process.
When two people get a divorce, everything must be divided. This includes the large items like the family home, cars, and vacation properties to the smallest detail like the wine glasses you got for your wedding. Anything and everything is on the table and at the end of the day someone gets to keep everything that was accumulated during your marriage. The division of assets can be the most difficult thing in your divorce because both of you may want the same things, like the house, and every item may be attached to a memory.
A divorce lawyer can help you to divide up your assets by taking the emotion out of it. While it may seem impersonal, everything can be broken down into a financial or practical category. For example, if the truck is worth $18,000, and the car is worth $13,000 and the furniture is worth $5,000, an attorney can look at the numbers and say that in order to keep things equitable the spouse that gets the car should also get the furniture. There are many ways to address this issue but in general this is what happens. Things are assigned a value and divided up based on what is equitable and fair. This can be done during negotiations or at trial by a judge.
The process becomes more difficult if it is of sentimental value rather than financial value. For example, family heirlooms, photo albums, etc. typically won’t end up as a line item on the asset sheet but they are still very important. In this case, the goal is to come to an agreement over who gets what. Otherwise, you will need to make a case in court as to why that item should belong to you at the end of the divorce.
If you and your spouse own a business, this process becomes even more complicated. A divorce lawyer will typically work with a CPA or business valuation specialist to determine how much a business is worth. Both sides need to agree on the overall value or produce their own valuation for a judge to make the final determination as to what the business is worth. Once a value has been established, one spouse will need to buy out the ownership interest of the other. There are multiple ways to do so, and your divorce lawyer can help.
Something to remember with assets is that if a debt is tied to it, the person getting the asset is likely also to get the debt. With this in mind, tell your attorney if you are not interested in having something. To learn more about how an attorney can help you, call The Law Office of Paul R. Berko at (516) 746-4211.