When you’re getting a divorce, there are two things you need to know to get a fair split of the marital assets: What they are and what they are worth.
Pushing for fairness absolutely requires understanding the value of the property you share. There are at least three kinds of assets whose valuation will have a direct impact on the property division process.
Real property
Any real estate you own jointly with your spouse or that either of you purchased during the marriage may be vulnerable to division. However, you need to know exactly what that property is actually worth. Real estate markets fluctuate, so having an appraisal done or at least a comparative market analysis to estimate the price will help you ask for your fair share of its value.
Businesses and professional practices
Companies often have a combination of valuable assets and expensive obligations. Establishing evaluation for a business can be difficult, but it is crucial if each spouse has a partial claim to it in the divorce. Both a company and a professional practice operated by one spouse could represent tens of thousands of dollars in value and also potential for noteworthy future revenue.
Art, antiques, vehicles and other valuable personal property
Some assets are worth the most when you first purchase them and eventually depreciate in value. Others become more valuable as time goes on. Many cars depreciate, but classics can be worth more now than they were during their production era.
Arts and antiques can also be worth far more today than they were at the time someone initially purchased them. Any personal property acquired during marriage or purchase with marital income might get split, but you need to know their value if you don’t want the assets themselves.
Putting a fair price on your biggest asset will make the outcome of your divorce fairer. Don’t hesitate to seek experienced legal assistance to protect your interests.