| 1. Introduction
5. Modification 10. Post Tax Outcome 12. Closing Thoughts 13. About the Author |
Specific Assets
I have already discussed the general rules governing the division of assets and liabilities in a divorce (Property in General). The asset picture in the great majority of divorces is dominated by several big ticket items which constitute 80% or more of the parties’ marital net worth.
Two of the biggest assets are the marital home and the family business, though this is not an issue in the majority of cases, it is nonetheless arising in precipitously greater numbers. The reason I suspect for its growing prominence is the favorable economic environment we saw in the 90’s.
The family business is often not only the largest asset in the marriage, it is the family’s main source of income. The family may have loaned the business certain assets (e.g., a vehicle) expecting to receive a return on the investment, just as one would expect with any property investment. But the business may also generate the family’s income stream, such as through a salary in addition to repayment for loans.
Read Chapter 7 for more information on the marital home, and read Chapter 8 for more information on dealing with the family business.
