Estate Planning Advice for Property Division
Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate after death, while minimizing gift, estate, generation skipping transfer and income tax.
Property division including business interests and real estate- Through the divorce process, many assets and liabilities will have to be divided between the parties through a process called equitable distribution. Essentially, a court will classify property as either marital or separate, place a value on the property, and then distribute amongst the spouses. The value used will be the fair market value as of the date of separation. For some items, the fair market value will be easy to determine, while other will be more complicated.
