Interviewer: If there is an agreement, what is that called? Is that called a dissolution agreement or a divorce decree? What is it called legally?
Adam: It would be called a separation agreement.
Interviewer: Actually, here’s one additional last question. When there are certain assets involved in a divorce, like a house or a business, do those things have to be sold off and divided up? Do they have to be liquidated, or can they remain intact, but one spouse gets more money because of it?
Adam: There are ways that property can be distributed so that it wouldn’t necessarily have to be sold. Basically, it would be an exchange. The value of one property, for example, the home, would be factored versus the value of a savings account, or maybe an increase the support payments. There are different things to be done so that neither party has to just sell everything in order to divide money.
By Adam Hunt