When getting divorced, anxiety about assets and finances can increase. The divorce courts look to split the assets, liabilities, and property in the most equitable manner. But ahead of time, it can be confusing to know just how much you will get and how you should prepare for a new, single life and budget accordingly.
Some divorcing couples might agree on a value for certain assets and courts will allow this for community property. In other instances, they might want to have a fair, current market value to divide the marital assets. When this is done in California, the divorce courts put a valuation date on assets to decide their value on a specific date. This date is usually near the time of the divorce proceedings. For some people, this can send them into panic mode because things such as stocks, retirement funds, and even real estate, and art and jewelry can fluctuate wildly in price. With the help of an experienced divorce attorney, an individual can get legal counsel on the estimated dollar value for the exact valuation date.
With this, the individual can forecast what he or she will want to keep and what their finances will look like in the days and months after a divorce. It is important to note that other states work differently, so you will want to focus on what your jurisdiction mandates versus what friends and family might be telling you from a different part of the United States. Even if there is a long time between when the two of you have separated and the actual divorce, the California divorce courts typically put the valuation date near the proceeding time.
By working with a skilled divorce lawyer, an individual can assess whether it is beneficial to keep the marital home, vacation or other real estate assets, and how much of the assets are part of the marital estate or a separate asset. Also, if a business must be divided due to the divorce, an attorney is critical to valuing this asset. An attorney can also analyze what will be fair for child support, spousal support, and help to create a comprehensive plan for your financial stability in the future.