Business Valuation in the event of a Divorce

Some families work very hard in a family owned business. And that family owned business becomes a very important asset in the event of a divorce. That asset needs to be valued. We use professionals that we work with to help value that business. We come up with an overall valuation and then we also have to determine what portion of that business is marital and the value of that marital portion. Things like valuing that assets - the tangible assets, the intangible assets,good will -- all go into valuing the business. ...

23 February

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Are student loans considered marital debt?

Posted by DeWitt Law Firm, P.A.

in Divorce, Family Law

What kind of debts can be marital debts? Well some debts are martial debts even though you might not think that they are. For example, student loans accumulated during the course of the marriage -- they're marital debt. Even though only one party, one spouse may have signed for that debt, and only that spouse may benefit from that debt, it's still a marital debt because it's a debt that was accumulated during the course of the marriage. Read More about student loans and divorce...

23 February

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Is an inheritance a marital asset?

Posted by DeWitt Law Firm, P.A.

in Divorce, Estate Planning, Family Law

Often times the issue of inheritance comes up during a marriage. When is inheritance a martial assets and when is it not? The definition of a martial asset that we use is it's an asset that's accumulated during the marriage as a results of efforts expended during the marriage. So if you get an inheritance during the marriage, it's received during the marriage but it's not received or gained as a result of any efforts you or your spouse expended during the marriage. Therefore, it's not a marital asset. But guess what -- if you take that inheritance and you...

19 February

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How does contested divorce work in Florida?

Posted by DeWitt Law Firm, P.A.

in Divorce, Family Law

Let's talk about how contested divorce works. If you want a divorce and you're not sure whether or not your spouse wants one and you're not able to agree ahead of time, then whoever wants the divorce is what we call the petitioner and they file a petition for dissolution of marriage. Often times, along with the petition we will prepare a financial affidavit and file it with the petition. The petition gets served on the other spouse. Once the spouse is served, they have twenty days to respond to the petition. Once the response is filed then everybody knows...

18 February

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How does an Uncontested Divorce Work?

Posted by DeWitt Law Firm, P.A.

in Divorce, Family Law

A divorce can be contested or it can be uncontested. If it's contested there are lots of different variations to how it's contested or how hard it's contested....

18 February

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Marital Assets and Marital Debt

Posted by DeWitt Law Firm, P.A.

in Divorce, Family Law

In Florida, for the most part, all marital assets and marital debts are divided 50/50, no matter who's name the asset or the debt may be in. If you accumulated an asset during the course of the marriage, as a result of efforts expended during the marriage then that asset is in all likelihood going to be marital even if it's only in your name and you'll have to divide it 50/50 with your spouse. Similarly, with marital debts. If a debt was accumulated during the marriage, it doesn't matter whose name it is in, it is likely to be a...