The legal term for dividing marital property and debt is “equitable distribution.” Equitable distribution requires identifying all assets and debts of the spouses and categorizing them as either marital or non-marital. A determination is then made as to the value of the marital assets and debts, which are ultimately divided between the divorcing spouses.
Marital assets can may include real estate, cars, bank accounts, pensions, businesses, and much more. Schutz & White has a successful history of tracking down marital assets – which is particularly helpful when clients are unaware of their spouse’s true net worth.
We are also experts in complex valuation issues and the distribution of business assets – from small family-run businesses to international corporations.
Changes in property ownership as a result of divorce can have considerable tax implications. Many West Palm Beach divorce lawyers are unfamiliar with the tax consequences of divorce. Schutz & White will advise you on your personal tax consequences, and even provide you an analysis of the fees charged for such advice and services (which may be tax deductible).