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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12365
Experience:  JD, MBA
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During divorce attorney billed me for evaluating property in

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During divorce attorney billed me for evaluating property in a family limited partnership that I had a 1% General Partner share. She did not advise me that I could assert my rights as the co-General Partner in the FLP. My children were the 98% limited partners. Why was it necessary to spend thousands of dollars to evaluate property that would not be in the marital assets.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 years ago.

Hello and thank you for allowing me the opportunity to assist you.

I can only guess why your attorney did that, but I suspect it was relevant even if your share of the partnership was not considered marital property. The reason is that your net worth is important to the question of how property is divided and spousal support. You see, even though judges generally split marital property 50/50, it is not always done that way. If one spouse would be in a far better position financially after splitting the marital property 50/50, then the judge has the power to award the less fortunate spouse with more of the marital property. Moreover, if one spouse is in a better financial position, then that spouse is more likely to pay spousal support. So, it may have been in your best interests to have your share of the partnership assessed so that your ex wouldn’t be able to make a claim that it was worth more than it really was, and therefore, he/she is entitled to more marital property and/or more spousal support. Of course, as I mentioned above, I can only guess since I don’t know your attorney, her strategy, or other relevant facts.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

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