The more assets that people share, the harder it can be for them to prepare for divorce. With the exception of those who already have a written agreement about sharing property in a divorce, many couples find the property division process to be a major challenge.
Couples frequently disagree about what would be a fair and reasonable way to divide their property with one another. In fact, they may even disagree about how much their assets are actually worth. Establishing a reasonable valuation for property is often a very important step in the asset division process in a divorce. For certain, higher-value assets, it may make sense to bring in professional help to value those assets.
The price a couple paid for their marital home probably falls far short of the current fair market value for that property. The same is likely true for any investment properties or vacation homes acquired during the marriage. Having a real estate agent or appraiser established the fair market value for any real property acquired during the marriage will be very important for a fair property division outcome.
When people start businesses or professional practices during a marriage, they may invest tens of thousands of dollars in the organization before it becomes successful. It can be hard to separate those prior investments from the actual current value of the business itself. Factors like depreciation and future revenue can be a challenge for the average person to calculate, which is why professional valuation is often useful for business owners preparing for divorce.
High-value personal property
There are professionals able to accurately price works of fine art and designer wardrobes. Collectibles, equipment for hobbies and even antique furnishings may require professional valuation because they represent tens of thousands of dollars’ worth of marital revenue or more. Rather than simply estimating and accepting a likely significant margin of error, bringing in a professional to establish the value of personal holdings can be a very smart decision for those preparing for a high-asset divorce.
Establishing the true value of a marital estate can be a key step during divorce proceedings. As a result, seeking legal and financial guidance early on in the process can help to set the foundation for a favorable outcome.