Liquidating your marrital assessts

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If one or both spouses own a business, or owned one at the date of marriage, that business will need to be valuated.If a business was owned at the date of marriage, its date of marriage value can be deducted from that spouse’s net family property.Your business is arguably the most important property you own.A business can represent your entire livelihood, your income, and your future.This is because if the business increased in value during the marriage, that profit will be divided between the couple like any other asset.If the business was acquired during the marriage, its value will be similarly shared between the spouses, and this will require a valuation.You will want to hire your own valuator, and, if you and your spouse cannot agree on a value to assign the business, and you end up litigating the issue in court, you will want to call your valuator as a witness and have him or her testify on the valuation method used, and why.

There are many reasons you may need to liquidate your assets.Liquidation can be applied to both of these classes, and sold.Assets and debts accumulated by either spouse during the marriage are, with certain exceptions, considered to be “marital”.Financially speaking, “asset” is a term used to describe belongings that have value.If your debts are considered heavier than your declared assets, or are more than you can allow for repayment, you might have to liquidate, or sell, your assets.

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