Understanding Marital Assets, Debts, and Equitable Distribution
Jamie Lima delves into understanding marital assets and debts, the significance of the separation date, and the treatment of separate property. Learn about equitable distribution vs. community property, how to value marital assets accurately, and the importance of gathering relevant documents.
Key Points
- Understanding the distinction between marital, premarital, and post-separation assets is crucial for fair asset division during divorce.
- Equitable distribution doesn't necessarily mean a 50/50 split; it means dividing assets and debts in a way that is fair and just based on various factors like income disparity and length of marriage.
- Accurately valuing all marital assets, including real estate, investments, and pensions, is essential for a fair settlement, and gathering comprehensive documentation is key to supporting your claims.
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Transcript
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