Divorce is no longer simply a matter of identifying bank accounts and dividing cash, checking accounts and personal property. Divorce clients today requires the knowledge and expertise necessary to identify and evaluate a variety of financial and real estate interests, including business assets and debts.
In California, assets and debts are divided "equitably" either by agreement or by the court. An equitable division simply means a fair division under the particular circumstances of a marriage. Some spouses are able to agree on the equitable division of marital property while others are not. If there is no marital property agreement then the court will divide the property after considering a number of factors including:
Assets and debts of each spouse
Business valuation, business interests, and self-employment
Valuation of retirement accounts, 401(k) plans, pensions, stocks and bonds
Future financial needs and liabilities of the parties
Grounds for divorce
Liquidity and tax consequences
Contribution to the education or earning power of the other spouse
Contribution to the value of the marital property
Premarital and prenuptial agreements, separate property, gifts and inheritance
Spousal maintenance, spousal support or alimony obligations.