The process of valuation of marital estate must involve determining the timing and spousal contribution to the assets. An experienced Thousand Oaks divorce lawyer will resolve any issues related to assets and liabilities concerning the marital estate.
A Thousand Oaks Divorce Lawyer on Agreeing about Assets
If the spouses have agreed on the status of the assets, they do not have to dispose of the assets by the usual application of the functions of timing, source and disposition. Unless a court is involved, the couple can determine the status of asset in a marital estate through negotiation, aided by their Thousand Oaks divorce lawyer.
For instance, if a wife contributed $10,000 to the down payment of a house, the wife may receive credit for that amount toward ownership of the house if both the wife and the husband agreed to such arrangement. This means if and when the house is sold, she would get $10,000 more of the net proceeds than her husband.
A Thousand Oaks Divorce Lawyer on Including Assets Obtained Post-Separation
One of the more difficult tasks for your Thousand Oaks divorce attorney is to ascertain whether assets accumulated from between the date of separation to the date of divorce (known as post-separation property) should be included in the marital estate.
A complicating factor is the built-in conflict between economic theory and legal regulations that mandate how the such assets should be managed. A Thousand Oaks divorce attorney may use the example of a husband who kept up his usual contribution to his IRA savings program and accumulated $5,000 during the one year he was separated from his wife. When applying normal economic theory in this situation, it can be concluded that:
- The economic entity of the spouses dissolved at the date of the separation.
- They did not earn the addition to the IRA.
- Consequently, the amounts are separate and not subject to division.
But if a state statute requires marital estates to be valued at the date of the divorce, then the IRA contributions are considered to be part of the marital estate and must be divided.
For Legal Assistance with Your Divorce
If you are divorcing and need legal representation from a knowledgeable Thousand Oaks divorce lawyer, please call the law offices of Gary Mitchell today at 1-888-452-1846. Attorney Mitchell will help you manage your assets and even advise you on creating a parenting plan for your children. The initial consultation is free.