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What steps are taken during the asset division process?

As discussed last week in this blog, there is no one-size-fits-all divorce. Each divorce is different, as is the approach of each Florida resident going through a divorce.

For instance, some individuals may feel a sense of relief as they file for divorce, as they are able to confront some of the issues that may have been lingering for quite some time. At the same time, no matter what a person's approach to the divorce may be, it is vital that they stay vigilant and protect their interests.

In a high asset divorce, this vigilance is especially needed because of the sheer volume and value of assets at stake. There may be numerous assets that have been acquired by the couple during the marriage, including significant business assets or real property. Both parties may also have pensions, retirement plans, annuities, deferred compensation or other vested or nonvested benefits.

Each of these assets must be identified, which can be an intensive process in and of itself. Often, however, much more time and energy goes into the process of valuing each of the assets, which can be a very difficult task depending on the nature of the assets at stake.

For example, the financial condition of a business may be in dispute, along with the value of different business assets that must be included in the marital property valuation. In other cases, it can be tricky to value vested or nonvested benefits like retirement plans or pensions. Accordingly, individuals should ensure all assets at stake are not only identified, but properly valued during the divorce.

Source: Florida Legislature, "Chapter 61," accessed on Oct. 29, 2016

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