(973) 403-9200

DIVORCE TIP OF THE WEEK

List Assets & Liabilities:  A major part of the case will be the “equitable distribution” of marital property.  There are three main steps in the process of dividing marital property and debts in a divorce case:  (1) identify the property; (2) value the property; and (3) distribute the property.  This process, therefore, starts with identifying all assets and liabilities.  Consider using an Excel chart or similar program to list your assets and liabilities, how they are titled, their values and any exempt portions (i.e., amounts that are pre-marital, gifted to just you, or inherited by you).  Make sure to include all assets and debts including but not limited to the following: (a) real estate; (b) bank and brokerage accounts; (c) vehicles; (d) personal property; (e) retirement accounts; (f) business interests; (g) custodial accounts; (h) collections; (i) mortgages; (j) home equity loans; (k) credit cards; (l) tax liabilities; (m) school loans; (n) sole proprietorships; (o) tax losses; (q) stock options and restricted stock units; (r) life Insurance cash value (or term insurance on the life of a terminally ill person); (s) deferred compensation (e.g., phantom stock awards, top-hat plans, etc.); and (t) frequent flyer miles. For more information about your rights in divorce, please contact Chuck Vuotto at cvuotto@starrgern.com or by phone at his Roseland, NJ office (973) 403-9200. You may also read more articles on divorce at vuotto.com

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