Chess Board Approach:
The Kings: The divorcing husband and wife, whom the other pieces try to protect.
The Queens: Chief counsel for each spouse.
The Bishops: The judge or judges who hear the case.
The Rooks: Experts who help prepare supporting
information (accountants, economists, actuaries, appraisers).
The Knights: Psychologists, law guardians (children’s appointed lawyer) and
others who represent the children’s interest.
The Pawns: THE CHILDREN.
Your attorney and you
will need to prepare the following:
I: IDENTIFY all assets and liabilities held by you and your
C: CLASSIFY these assets as “marital” or “separate.”
Separate assets may be an inheritance, negligence
recoveries and gifts from someone other than your spouse;
E: EVALUATE, with the help of accountants, economists,
appraisers, and business evaluators, the dollar value of the assets to be distributed;
D: DISTRIBUTE your joint assets (real property,
investment accounts, personal property, retirement
accounts) as well as your liabilities (mortgages, credit card
debts, personal loans, automobile loans, etc.). The
equitable distribution will be negotiated by you and your
spouse and legal counsel and a Property Settlement
Agreement will be drafted and executed or, failing that, determined by the court; and
T: THE TAX IMPACT on the distribution of assets will
need to be provided by an accountant to maximize the tax regulations affecting the distribution.
THE CLIENTS NEED TO PREPARE,
AND BE A