Sentences with phrase «marital assets need»

Not exact matches

If you do not know how much money is in the retirement accounts, you will need to take an inventory of your marital assets.

If this is an application for an individual account and you are relying on your own income or assets (in community property states, separate income or assets) and not the income or assets of another person (or community property) for repayment of the credit requested, questions relative to marital status and to income resources and assets of the spouse need not be answered.

Not every family lawyer has the qualifications and tools needed to effectively handle cases that involve high - asset marital estates.

It may be that these business partners find that the legitimate business need to enter into a marital agreement may «open the door» for that difficult conversation with their partner to deal with all their assets which they may be entirely grateful for.

In the case of an elderly couple of modest means where one spouse needed immediate 24 - hour care and the other spouse remained in the marital home, through the use of court orders and other techniques, able to preserve the marital assets for the spouse who remained in the marital home and obtain benefits for the spouse in the nursing home.

It is not just the business - like decisions that have to be made to divide the marital assets and liabilities, there are emotional issues that need to be resolved in a manner that meets the real needs of the divorcing parties and their children.

To fairly divide a marital estate, we need an accurate value of the business as well as an accounting of the couple's assets.

Some of the main topics that need to be addressed are child custody, referred to now as legal decision - making, parenting time, child support, alimony (i.e., spousal maintenance), a division of marital assets and debts, and the payment of attorney fees, expert witness fees, and court costs.

The present value pension calculator is particularly useful for divorcing couples who need a present value appraisal of a pension for division of marital assets.

It also became apparent that a by - product to some extent of the stresses of the post-recession period, was on a personal level evident in an increase in marital dispute emanating from hardship pressures, and an increase in the need for expert valuer evidence into disputes over asset values, and in particular property assets.

Our firm often enlists the aid of property appraisers, certified public accountants, business valuation specialists, forensic accountants and other experts as needed to evaluate marital assets and uncover hidden assets.

Among the marital assets that needed divvied up were three vested retirement accounts: A Military pension, a Civil Service Pension and a Thrift Savings Plan.

An expert would be needed, for example, if a business were to be considered a marital asset.

Spouses need to be cautious that they are not overlooking hidden assets in divorce proceedings where marital or community property will be divided.

An experienced lawyer will need to review your particular situation in order to help determine what should be separate and what should be marital assets.

Additionally, a court may decide that inherited assets need to be treated as marital property if one party has a substantial financial obligation to the other.

That said, if the non-custodial parent owns a business and the custodial parent wants to stay in the marital residence with the children, marital assets do not need to be divided 50 - 50 in kind.

Spouses need to be cautious that they are not overlooking tax assets in divorce proceedings where marital or community property will be divided.

You'll need first to check with your lawyer, or your state laws, to make sure that any new credit card you open won't be considered a marital asset.

If there's to be a division of property or marital assets, those will need to be listed.

You or your attorney need all the facts of your case to present to the judge, such as the values of your assets and the extent of your marital debt.

Issues, including but not limited to, child custody, spousal support, child support, the marital home, and division of assets and liabilities may need to be decided.

Since the marital home is often the biggest asset that needs to be divided, having equity in the house will most certainly grease the wheels of settlement.

Often, a forensic accounting investigation is needed to trace the assets listed in the premarital agreement to establish whether the assets remained as separate property, whether they were transmuted or commingled with marital property, and whether any incremental appreciation was created during the marriage that must be considered in the divorce.

If there are any near - term issues that need to be resolved (such as an agreement to «freeze» the marital assets while discussions are under way), those issues can be put on the front burner in the mediation and resolved before more global issues are addressed.

The court determines how to divide property by evaluating several key factors, which include the needs of each spouse, the standard of living of the parties during the marriage, each spouse's age as well as health and earning capacity, any established custody arrangement, each spouse's contribution to the marriage and marital assets, and the income, assets and debts of each spouse.

Spouses will need to bring current statements of all marital assets and debts, as well as copies of tax returns for the previous three years, paystubs, W - 2's, any appraisals of properties or businesses, as well as other specific items.

Also, if you owned the business prior to the marriage, it will need to be determined if the business is a marital asset.

If your intention is to own your marital residence in your name alone, you may need to give your spouse more assets such as cash and retirement accounts.

Even though you and your spouse may be friendly and everything is amicable, if you have any assets that accumulated during your marriage, even if you have kept most or all of your finances separately titled, you may still need to have a Separation and Property Settlement Agreement (Marital Settlement Agreement) to be sure you are protected in the future.

When dividing the couple's marital property, the court must make an equal distribution, although the court does not necessarily need to split the couple's assets exactly 50 - 50.

Various factors are taken into consideration when distributing assets including the incomes of the parties prior to and at the beginning of the divorce, duration of the marriage, need to occupy the marital home, loss of inheritance or pension rights, maintenance awards, future financial circumstances of each spouse, tax consequences, dissipation of assets, contributions as a non-wage earner to the income of the spouse and home, and the character of the property itself.

It could signal to your divorce lawyer that further investigation needs to be done into your marital, and separate, assets to make sure that you have a true accounting of your marital estate and to make sure that your property is fairly divided in a divorce settlement.

By working with a divorce mediator (especially one that has a financial background like myself) we can help you and your spouse come to a fair and equitable distribution of your marital assets that works for both of you now and in the future by making sure each of you has a combination of assets that meets your short and long term needs.

In making an equitable apportionment of marital property, the family court must give weight in such proportion as it finds appropriate to all of the following factors: (1) the duration of the marriage along with the ages of the parties at the time of the marriage and at the time of the divorce; (2) marital misconduct or fault of either or both parties, if the misconduct affects or has affected the economic circumstances of the parties or contributed to the breakup of the marriage; (3) the value of the marital property and the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker; (4) the income of each spouse, the earning potential of each spouse, and the opportunity for future acquisition of capital assets; (5) the health, both physical and emotional, of each spouse; (6) either spouse's need for additional training or education in order to achieve that spouse's income potential; (7) the non marital property of each spouse; (8) the existence or nonexistence of vested retirement benefits for each or either spouse; (9) whether separate maintenance or alimony has been awarded; (10) the desirability of awarding the family home as part of equitable distribution or the right to live therein for reasonable periods to the spouse having custody of any children; (11) the tax consequences to each or either party as a result of equitable apportionment; (12) the existence and extent of any prior support obligations; (13) liens and any other encumbrances upon the marital property and any other existing debts; (14) child custody arrangements and obligations at the time of the entry of the order; and (15) such other relevant factors as the trial court shall expressly enumerate in its order.

A mediator will give you all the information need on Massachusetts divorce law, on your custody options, ways you can equitably divide your marital assets, and how to craft a separation agreement that will be approved by the judge and will serve your family's needs.

Decisions need to be made addressing what to do with your marital home, savings and any other joint assets or debts.