Divorce: What is an “Equalization Payment”?

Remember, if you have assets you would like to protect in a divorce, the best thing you can do is work with our experienced divorce lawyers. Photo of couple in divorce

If you have significant assets or a high income, you need to assure yourself that your belongings are distributed as fairly as possible in a divorce, while protecting your most valuable possessions. The key to doing this is excellent counsel.

If your marriage is on the rocks and you are worried about keeping your property, or you are worried about issues like alimony or spousal support payments, speak to our attorneys. One of the most difficult aspects of any divorce case is the division of marital assets. If you have items you would like to save, including property, retirement accounts and/or savings accounts, you need to make sure you are receiving proper legal advice—the failure to do so could result in large losses.

Recently, E! News reported that Bruce and Kris Jenner’s divorce agreement has been approved by a California court, although the two will not be officially divorced until March 2015 because of a required legal waiting period.

According to the news outlet, Kris will have to pay Bruce $2.5 million as an “equalization payment,” while she will be allowed to keep the family home. Additionally, each person was able to keep his and her vehicle, while dividing airline miles, bank accounts and other assets.

The two have agreed to share joint and legal physical custody of their youngest daughter, but neither will have to pay child support.

In some states, “equalization payments” are utilized by family courts to allow one person to keep certain valuable properties, while paying the other person involved in the case a determined amount of money (in some cases, this goes towards debt). Sometimes this is called “trading assets in kind”.

As this case shows, when a divorce involves large assets, the outcome can determine who will retain control of valuable real estate, residences and accumulated funds.

How Can I Contact the Lawyers at KGG about a Divorce?

Our lawyers can help you determine how to divide assets in a divorce case. Our clients have been able to leave our offices satisfied, knowing that our attorneys have done everything they can to help them retain assets.

If you are experiencing problems with your marriage, contact our family attorneys today. Divorce filings can be confusing and legal issues can arise, especially for high-income earners. Speak to our attorneys so you do not lose out.

Kantrowitz, Goldhamer & Graifman, P.C. – Divorce Attorneys

Source: http://www.usatoday.com/story/life/people/2014/12/18/bruce-kris-jenner-divorce-finalized/20608347/


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