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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.

Uncontested Divorce Actions

In general, uncontested divorce actions occur when either of the spouses does not appear in court in a divorce proceeding or when both the spouses mutually agree upon a divorce and on matters relating to financial settlements, custody, and/or support of their minor children. Typically, that mutual agreement is shown in the divorce petition, and it may include a waiver of service. Uncontested actions may arise in proceedings for dissolution of marriage, annulment, and separation.

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.

Lump Sum Spousal Support

Spousal support can be one of the most difficult issues to resolve in divorce. Spousal support, which is also referred to as alimony, involves an obligation by one spouse to make financial payments to the other spouse. Permanent spousal support involves the payment of support after a divorce is granted and until a further court ruling modifies or terminates the obligation. Permanent spousal support may be ordered in situations involving long-term marriages or in situations where one party cannot earn a living due to a disability or injury. Such spousal support can be paid in lump sum or on monthly basis.