Important Legal Tips for the Earning, Professional Spouse in Regards to Property Valuation and Partition

Valuation of community assets is determined as of time of trial on the merits of partition suit, as those assets can appreciate or depreciate in value. However, valuation of marital debt as of date of filing of divorce petition, and not as of date of trial on the merits of partition suit, was found proper, in Pitre v. Pitre, 501 So.2d 344 (La.App. 3 Cir.,1987).
If you hold an interest in any type of business partnership, the following ruling from the D’Spain case will impact the partitioning of your interests. Indeed, upon dissolution of community of acquets and gains in that case, the partner’s wife did not receive any interest in partnership, but was entitled only to one half of value of partner’s interest in partnership assets. D’Spain v. D’Spain, App. 5 Cir.1988, 527 So.2d 309. Here, proper timing, filings, and, potentially, the inclusion of an accounting expert or CPA will benefit your case. You will need an experienced attorney to ensure your business interests are protected.

Contact Thornhill Law Firm for advice and assistance in this important area of domestic/family law.