Role of Valuation Experts in Divorce

Property division between the spouses is an important issue in a divorce proceeding. Ascertaining the correct and proper value of the assets and properties of the spouses is key to ensuring a fair and equitable division of the parties' assets. The advice of an expert, who is skilled either by training, special knowledge, education or experience in the specific field beyond the knowledge of an ordinary layman, will be of great help for clearly defining and ascertaining the value of property for future divisions and tax procedures, etc. A common example would be an accountant with specific knowledge of the formulas utilized to calculate the present value of various retirement interests.

Community Property in Divorce

In a pure community property system, property acquired during marriage other than by gift or inheritance from a third party is presumed to be community property and will be divided equally between the parties in divorce. Property that a spouse brings into the marriage or acquires during marriage by gift or inheritance from a third party is presumed to be separate property. Community property states generally consider a gift from one spouse to the other to be the recipient's separate property.

Fault-based Divorce: Adultery

There can be various grounds for seeking a divorce; adultery is stated as a reason for divorce in the laws of the majority of states that allow fault-based divorces. Adultery is defined as voluntary, consensual sexual intercourse or sexual activity by a married person with someone other than their legal spouse. While intercourse is usually required, something less may amount to adultery under the divorce laws in some states.

Permanent Counsel Fees

A divorce decree can facilitate an enforcement order, establish rights for both the parties, award custody and enable visitation rights, grant alimony, and distribute property between the parties. Considering the nature of divorce cases and the work involved in obtaining divorce, legal fees often differ from case to case. The fees can differ from city to city, state to state, and law firm to law firm. Preliminary meetings with counsel usually do not involve laborious effort, and usually amount to sorting the factual details. Courts take consideration of the parties' ability to pay counsel fees before awarding fees. Despite the diversity in statutes, courts apply general principles and carefully analyze the parties' financial status before awarding costs.