When the court divides a couple’s assets upon divorce, both sides receive an equal share of the assets’ valuation increases over the term of their marriage. That doesn’t mean that both sides divide the assets themselves equally.
The property claim or division process actually begins with calculating “net family property,” starting with determining total asset value on the date that the couple separated. After that follows a series of deductions:
1. Deduct all personal liabilities
2. Deduct your own personal asset value as of your marriage date
3. Deduct assets such as proceeds from life insurance, third-party gifts, personal injury awards and inheritances as needed
4. Add all liability values as of the date of your marriage
You now have your “net family property”.
As additionally discussed in another section, the court divides the matrimonial home’s value equally, regardless of who owns it.
In many cases, one or both spouses will make a case for deserving an even greater share. It’s sometimes out of a genuine conviction that the court’s division shorts them, but in other instances, it’s done in whole or in part to “get” the other party.
There’s simply too much calculation and too many nuances for one person to monitor them all and be sure of receiving a fair, equitable settlement. Trust Mandeep S. Saggi and the Saggi Law Firm to review the court’s division and verify that you are walking away from your marriage with nothing less than the share of assets and property that you rightfully deserve. Contact us today.