On behalf of Stange Law Firm, PC posted in High Net Worth Divorce on Friday, November 23, 2018.
Upon choosing to get a divorce, there are many things that one Springfield has to consider. The date on which their marital assets are to be valued likely is not one point that immediately stands out. Yet the valuation date of marital assets can often become a point of contention. A great deal of emotion goes into a divorce case, which can often prompt those involved to take measures to negatively impact how their soon-to-be ex-spouses come out of the proceedings. Purposely devaluing property may be one of them.
Typically, one of the more significant assets a couple will jointly own is their home. Say that a couple separates and one moves out of the home. The other (knowing that the home may be sold during the divorce proceedings and the proceeds be split equally) may choose to let the home fall into disrepair in order to impact the profit that may be made from it. Of course, this would also lessen the amount that they would get from the sale, yet some may actually be willing to do this as a way of getting back at their ex-spouses.
Per information shared by the American Academy of Matrimonial Lawyers, Missouri law opts to use the date of trial as the valuation date in divorce proceedings. This means that all marital assets will be valued as of the date a couple divorce proceedings commence. Those worried that their ex-spouses may allow certain marital assets to drop in value from the time they separate until the time their proceedings begin should be vigilant that this does not happen.
Those hoping that valuation amounts can be reconsidered on appeal should note that Missouri Appellate Courts have adopted the standard of deferring to trial court decisions on the matter of valuation.